The central bank will ask all lenders to report cyber security issues on a real-time basis, an RBI official, one of the two people cited above, said on condition of anonymity. The regulator may also ask all banks to centralize their cyber security operations and put a proper team in place instead of outsourcing these functions, this person said. The matter gains urgency in view of the large-scale data breach. The RBI official said that banks took a month to bring this issue to its notice despite its latest notification on cyber security. Mint had reported on Friday that it took three months for India’s banking system to become aware of the large-scale data breach.

Source: Mint October 23, 2016 17:48 UTC