Banks must have multilevel cyber security

Pune: NP NEWS 24 ONLINE – A different dimension of cyber crime can be seen in banking transactions.  RBI has outlined detailed instructions about cyber security which is easy to follow for big size banks but can small size banks afford the cost for cyber security remains the question. Recently Cosmos bank suffered cyber attack which impacted the banks reputation. It is the need of the hour that every bank must become e-secure which can be achieved by implementing multilevel cyber security which will benefit both the banks and its customers cited Maharashtra state cooperative commissioner Satish Soni.

After the recent cyber attack in August 2018 on one of Pune’s leading banks, a conference discussing the impacts and solutions of such attack was organized by Pune district people’s cooperative banks’ association at Hotel Sheraton Grande near Pune station on Raja Bahaddur Mill road. Soni inaugurated the conference. Cooperative department’s senior commissioner Dr. Kishor Toshniwal, Pune district registrar B. T. Lawand, Pune district people’s cooperative banks’ association’s chairman Adv. Subhash Mohite, vice chairman Adv. Bharat aka Sahebrao Takle, honorary secretarty Sangeeta Kenkariya, director Nilesh Dhamdhere, Ashok Shilwant, Jagdish Kadam, Priya Mahindre, Mangala Bhojane and many other dignitaries of the association along with directors, CEOs, IT heads and chairmen of more than 52 banks in Pune and more than 40 banks across Maharashtra were present at the occasion.

Satish Soni said that if banks have to be e-secure it is the need of the hour to implement certain aspects on immediate basis which include security valuation, internal security audit, appointment of chief security officer, updating firewalls, using anti bank fraud software and having insurance for cyber security. The Maharashtra cooperative movement is growing each day with more than 5.5 crore people in the state connected with it. Every bank must give top priority to its security.

Adv. Subhash Mohite said that the association was founded to train bankers. For organizations to function properly the people under them must be well trained. Government has always stressed on training bankers through certified organizations only but it is hard to comment on the quality of trainers present in many such recognized organizations. The association has applied for a recognized and certified training center to the government. He further said that if small size banks are to survive it is highly important that the bankers within are trained on cyber security.

*Pune District People’s cooperative Banks’ association to become certified training center: Cooperative Commissioner

It is the responsibility of banks to secure its customer’s money. The Cosmos incident has given a wakeup call to all financial organizations. Big size banks can take more steps for security but it is difficult for small banks to implement them. Such conferences are extremely important and Pune District People’s cooperative Banks’ association will soon get certified training center recognition cited cooperative commissioner Satish Soni.