05-March-2021
RBI
 
Banking on cybersecurity: RBI’s new rules for digital transactions a step forward
23-Feb-2021

The skyrocketing of online transactions in the country—Covid-19 has provided no small impetus, with the amount transacted via UPI doubling in January 2021, at Rs 4.3 lakh crore, from lasts year’s Rs 2.1 lakh crore—calls for fortifying cybersecurity in the country; indeed, a 2020 report from Cybersecurity Ventures estimates damage from cybercrime at $6 trillion by the end of this year, with the intensity of cyberattacks sharply up from one every 11 seconds in 2021 versus one every 40 seconds in 2016. The Reserve Bank of India has, therefore, done well to provide regulatory direction in this regard, with a new set of guidelines for the digital banking and payments ecosystem. The master direction on digital payment security controls, released last week, casts a wide net.

News Source:- https://www.financialexpress.com/opinion/banking-on-cybersecurity-rbis-new-rules-for-digital-transactions-a-step-forward/2199851/