Banks Orders on Standby: Sitharaman Requests Unwavering Bank Services During Indo-Pak Conflict
Friday Briefing: India's Finance Minister Issues Cybersecurity Alert Amid Indo-Pak Tensions
In the wake of escalating tensions between India and Pakistan, Union Finance Minister Nirmala Sitharaman has directed all banks and financial institutions to remain vigilant and prepare for any potential crises. This comes amid concerns about employee safety due to Pakistan's retaliatory actions against India.
The minister reviewed the banking sector's operations, assembling no interruptions in banking services, and ensuring preparedness for cybersecurity threats. The move followed repeated attempts by Pakistan to launch a cyber offensive on Indian citizens via social media platforms like WhatsApp, Emails, Facebook, and Telegram, targeting sensitive information and financial data.
Sitharaman urged banks to conduct regular audits of their cybersecurity systems and data centers, emphasizing the necessity of firewalls and round-the-clock monitoring to prevent breaches or hostile cyber activities. She also emphasized the importance of securing both physical and digital banking services, maintaining uninterrupted services, and ensuring cash availability at ATMs, continuous UPI and internet banking, and access to other essential banking facilities.
In her statement, Sitharaman highlighted the necessity of emergency protocols being updated and tested to effectively manage any contingencies. Acknowledging the country's digital payment revolution, propelled by the National Payments Corporation of India and major banks, she recognized this sector as a crucial component of India's economic infrastructure.
As Indo-Pak tension escalated in May, the government emphasized the importance of securing critical banking systems and payment infrastructure amidst the conflict. Involving modern weapons and highlighting the centrality of information operations and cyber/information warfare, the tension raises concerns for the banking sector's vulnerability to cyberattacks or disruptions.
In anticipation, the Indian banking sector has likely beefed up their cyber defenses, implementing stricter data protection protocols and advanced cybersecurity technologies, enhancing monitoring for cyber threats, deepening collaboration with government cybersecurity agencies, and conducting mock drills for cybersecurity and disaster recovery. The evolving nature of the conflict highlights the critical importance of cybersecurity resilience in the financial sector during geopolitical crises.
Indian banks' enhanced cybersecurity measures aim to counter potential cyber intrusions or attacks exploiting escalating geopolitical tensions, underscoring the increasing intersection of military conflict and cyberspace risk, making cybersecurity a vital component of national security and economic resilience.
The Finance Minister, Nirmala Sitharaman, underlines the importance of bolstering cybersecurity defenses in the midst of war-and-conflicts, given the increased attempts by Pakistan to launch cyber offensives on Indian citizens. Politics and general-news have become intertwined with finance as Sitharaman emphasizes the need to secure the banking sector during Indo-Pak tensions.
