Banks Brushing Data Security Issues under the carpet

“The general culture in our bank is to brush data security breach and loopholes under the carpet” says one of the senior executives of a leading Bank, according to this article in Midday.

Mumbaikars beware! Your bank details are being stolen and sold!

It is well known that Cyber Security has been subordinated by Bankers today to profits and RBI has been looking the other way. Highlighting one of the vulnerabilities in the Security protocols which became public a few months back, (SSl V3 exploit), the article explains how many of the Bank’s own executives admit that the Banks have been deliberately neglecting the security and “brushing the problem under the carpet”.

This should be an eye opener for RBI to tighten up its regulatory measures so that Indian Banking system is not a victim of greed of bankers to make profits at the cost of security.


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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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1 Response to Banks Brushing Data Security Issues under the carpet

  1. K Bhatt says:

    Truly, a good and informative article.
    It is infact proving that whatever our banks are claiming isnt worth trusting in terms of security. All they want is to mint money at cost of the customers identity and sensitive personal data.
    It is really a serious issue and this gets more serious when the top management of these banks never understand the real meaning of Cyber security & Identity thefts.
    It is been observed that these financial institutes ‘wake up’ when there is some incident on their data centers. rest they believe ‘aall izzz welll’
    And what is RBI doing??? as stated in the article, it is concentrating on the monetary policies….and what about cyber security??
    just by publishing ‘guidelines’ of ‘re commendatory ‘ nature is not going to solve the problem. RBI must make sure that the banks MUST comply.

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