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RBI Assigns Ethical Hackers to Evaluate Cyber Vulnerabilities of Indian Banks.

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 Reserve Bank of India, RBI assigns ethical hackers to hack into IT systems of Indian banks.The aim is to test the vulnerability of Indian banks against cyber attacks.The team consists of few young ethical hackers and a former senior police officer. The team led by Nandkumar Sarvade, a retired IPS officer, and expert in fraud and terrorism cases.RBI decides to break into the IT systems of PSU(Public Sector Undertaking)banks as a part of the first phase since PSU banks are more susceptible than private banks.In October 2016, Indian Banks has faced a major attack losing data and money of many customers.According to Finance Ministry, Indian banks have witnessed a loss close to Rs 500 crores in 3 years that is from 2013 to 2016.According to the reports SBI, HDFC Bank, ICICI Bank, YES Bank and Axis Bank are the worst hits."RBI is watching at international standards when it comes to defending itself and banks from cyber-attacks. The regulator is planning a blend of ethical hacking, planned and unplanned audits of banks' security systems to guarantee that best practices are complied strictly," stated by an official who is involved in the process.RBI has asked banks to inform any cyber security incident within two to six hours from incident occurs. The notification happens at a time when the Indian Government is advancing digital payments in a huge way, including new channels such as the Aadhaar-Enabled Payment System (AEPS) and the 'BHIM' application launched by the National Payments Corporation of India, which runs on the Unified Payment Interface.See best practices in Cyber Security - https://securereading.com/cyber-attacks-everywhere-can-ensure-right-security-organizational-assets/RBI will be closely monitoring this action as Banks become a “high-value target for hackers” following demonetization of Rs 500 and Rs 1,000 currency notes in November 2016. Digital transactions have increased exponentially, and this has led to an increase in payment security incidents.