Banks need to have a broader organisational framework to prepare for cyber security threats. "With banking becoming more technology driven, IT expertise at the board level has become a necessity," Reserve Banks Executive Director Meena Hemchandra said at a CII organised cyber security summit here. She said a board level mandate is crucial for the speed with which a bank or a financial institution revs up its cyber security measures. She said trade-off between ease of operating and cyber security has to be carefully looked into, preferably at the board level, by framing a policy. Besides focusing on cyber security, it is also important for financial institutions to have crisis management plans in place, Hemchandra said.

Source: India Today November 09, 2017 11:15 UTC