Facts:
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In 2016, 32.14 lakh debit cards were compromised in the cyber-attacks.
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More than 700 websites of several central and state government departments have been hacked in past four years.
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According to recently published Internet Security Threat Report, India emerged as third most vulnerable country in terms of risk of cyber threats, such as malware, spam and ransomware in 2017.
Background
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An inter-disciplinary Standing Committee on cyber security is being set up by RBI to examine various threats and suggest measures to deal with it.
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The committee will suggest appropriate policy interventions to strengthen cyber security and resilience in a bid to strengthen cyber security system
Functions of Committee:
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Review the threats inherent in the existing or emerging technology on an ongoing basis.
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Study adoption of various security standards and protocols and also act as interface with stakeholders.
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Suggest appropriate policy interventions to strengthen cyber security and resilience
Why needed?
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In recent times, banks have taken steps to strengthen their defences against cyber-attacks, but the diverse and ingenious nature of recent attacks has necessitated an ongoing review of the cyber security landscape and emerging threats.
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The committee has been set up based on the recommendations of the expert panel on information technology examination and cyber security headed by Meena Hemachandra.