Adarsh's Guide to Cybersecurity, AI and CAREER Advancement

Ransomware attacks are on the rise, and the Reserve Bank of India (RBI) has recently revealed alarming concerns regarding the increasing number of cases in Indian banks. In a parliamentary panel meeting, the RBI informed about the data exfiltration from such attacks, which poses serious risks when it becomes available on the dark web. However, the restoration of services in banks remains unaffected due to their offline backups. Companies like Cohesity that offer backup and recovery solutions including SaaS-based Cybervaulting solutions like Fort-Knox can play a critical role here.

The RBI highlighted the surge in ransomware incidents across critical sectors, specifically mentioning instances in entities regulated by the RBI, including banks. While the restoration of services was not a major concern in these cases due to offline backups and regular restoration testing, the exfiltrated data made available on the dark web poses significant risks, as reported to the parliamentary committee.

The RBI stated that insecure configurations, open ports, inadequate network traffic monitoring, and deficiencies in data leakage monitoring contribute to these ransomware attacks. These vulnerabilities expose critical gaps in cyber defenses and necessitate prompt action to prevent and mitigate future attacks.

To tackle the rising incidence of cybercrimes and enhance cybersecurity, the parliamentary committee has been conducting meetings with various stakeholders. Jayant Sinha, the former minister of state for finance and committee chair, emphasized the need to address vulnerabilities associated with identity theft, phishing, and cyberattacks on the financial system. The committee’s objective is to draft a comprehensive report and present it during the monsoon session of parliament.

Recognizing the significance of coordinated efforts, the RBI informed the panel about the establishment of an inter-regulatory working group. This group includes officials from regulators such as RBI, SEBI, IRDA, PFRDA, and NHB. Their primary objective is to explore the issuance of uniform baseline cybersecurity guidelines for regulated entities, ensuring a unified approach to combatting cyber threats.

With the exponential growth of digital innovation and digital inclusion in India, the volume of financial transactions has skyrocketed. However, this has also exposed vulnerabilities, leading to a surge in ransomware attacks and other cybercrimes. The revelations made during the parliamentary panel meetings shed light on the urgent need for robust cybersecurity measures and regulatory enhancements to protect the Indian banking sector and critical infrastructure from such threats. By addressing these challenges head-on, India can strengthen its cybersecurity landscape and safeguard its digital economy for the benefit of all stakeholders involved