Financial sector rushes to fortify cyber defence

Banks and insurance firms have started beefing up their cyber security defence systems by setting up quick response teams and conducting mock drills for disaster recovery scenarios amid heightened tensions between India and Pakistan.

In a meeting with managing directors and CEOs of banks and insurance companies on Friday, finance minister Nirmala Sitharaman directed banks to conduct regular audits of their cybersecurity systems and data centres and ensure that all digital and core banking infrastructure is fully firewalled and monitored round the clock to prevent breaches or any hostile cyber activity.