CURRENT AFFAIRS

Detailed explanation-1: -Reserve Bank constitutes Inter-disciplinary Standing Committee on Cyber Security. The 11-member committee will study adoption of various security standards and protocols, interface with stakeholders and suggest appropriate policy interventions to strengthen cyber security and resilience.

Detailed explanation-2: -To consider these and related issues, RBI announced the creation of a Working Group on Information Security, Electronic Banking, Technology Risk Management and Tackling Cyber Fraud in April, 2010. The Group was set up under the Chairmanship of the Executive Director Shri. G. Gopalakrishna.

Detailed explanation-3: -’ (DAKSH)’ is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.

Detailed explanation-4: -The CFO and the finance department are highly organised and experienced in explaining the business logic behind the financial restrictions and controls they implement. Therefore, CFOs need to use their existing role in the organisation to promote cybersecurity.