Saturday 24 December 2011

Internet Banking Cyber Security In India

Internet banking is both a necessity and evil. As a necessity it brings conform and time efficiency. As a drawback, it attracts various forms of financial frauds and cyber crimes. With the removal of limits for financial transaction through mobile banking in India, more such cyber crimes and financial frauds are anticipated.

These are the few good posts in this regard that have been shared in the last week:

(1) Internet Banking Risks In India

(2) Cyber Security Of Internet Banking In India

(3) Indian Internet Banking Risks

(4) Indian Cyber Security Of Internet Banking

(5) Insecure Online Banking

(6) Data Security And Privacy In Indian Banking Industry

(7) Data Security, Cyber Security And Privacy In Indian Banking Industry

(8) Online Banking System Of India

(9) ICICI Online Banking System

Clearly, there is an urgent need on the part of Reserve Bank of India (RBI) to ensure that the guidelines prescribed by it are immediately implemented by the banks of India. Let us hope that banking customer’s interests would be safeguarded by RBI and Indian banks that is neglected for the time being.

Source: Cyber Laws In India Blog

1 comment:

  1. The RBI guidelines are grossly inadequate as it is. RBI has asked banks to implement 2 factor authentication which most of them have not. It is a well known fact that OTP (the most popular 2FA mechanism) as it is available today is completely vulnerable. This has been acknowledged by FFIEC and MAS. FFIEC clearly states in its recent security guidelines dated 22nd June 2011 that OTP mechanisms are defenceless against MiB/MitM attacks.

    I wish we had stronger guidelines and will from RBI to get banks to implement its guidelines. The IBA is very strong and is able to wrestle out of these guidelines. Banks want to use the internet to bring down the cost of banking but are extremely reluctant to invest in safeguards for the risks it brings to its customers...