SBI for joint cyber vigil, seeks formal bank system to share threat intelligence

State Bank of India (SBI), the country’s largest lender, is working with the Indian Banks’ Association (IBA) to put in place a structured mechanism for sharing information on cyber threats and data breaches among banks, enabling lenders to respond faster to security incidents and plug vulnerabilities.

SBI chairman C.S. Setty said that while information was currently being shared with regulators and security agencies, a formal arrangement for intelligence sharing among banks could help them take immediate preventive measures.