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Operators in the payments system space should ensure that no corners are cut when it comes to cyber security, said Urjit Patel, Governor, Reserve Bank of India.
The Governor’s observation comes in the backdrop of Pune-based Cosmos Co-operative Bank recently reporting fraudulent withdrawals of ₹94 crore due to cyber attacks, including malware attack on its debit card payment system and SWIFT transactions.
“Operators should ensure that no corner is cut regarding cyber security – after all, in a network environment, we are only as strong as the weakest link.
“We owe it to ourselves that we don’t compromise the integrity of the system by individual (in)action – in this context, cost savings should be eschewed,” said the Governor in his address at the launch of National Payments Corporation of India’s (NPCI) Unified Payments Interface Version 2.0.
Patel observed that the RBI’s vision for the payment and settlement systems is to encourage greater use of electronic payments by all sections of society.
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