NEW DELHI :
The banking industry needs to upgrade its IT infrastructure and appoint experienced chief risk officers to effectively deal with incidence of cybercrimes, says a report by Deloitte India.
Observing that banks are the most targeted sector, the report said that nearly 22% of cybersecurity attacks which took place in India in 2018-19 were on the banking industry.
“…these (cyber) attacks are becoming complex day by day. To address these challenges, banks need to appoint experienced Chief Risk Officers who can take the responsibility of skilling the employees and lead investment in military-grade cybersecurity solutions to detect the most advanced attacks,” said the Deloitte report on “Digitizing the post COVID world: The ‘3I’ approach”.
Banking sector, the report added, has been fast to adapt to the changing demands by accelerating efforts toward contactless business operations and speeding up digital transition to enable employees to work from home post the lockdown.
As a result of the technology integration, the sector has been facing several challenges with respect to ensuring data security, the report said.
It noted…
