Private banks reported most data breaches during 2018-22

Private banks reported the most data breaches between June 2018 and March 2022 in attacks that stole business and personal information, said a minister.

All banks reported 248 data breaches in the four-year period, Minister of State for Finance Bhagwat Karad told Rajya Sabha. Of those attacks, 205 were in private banks and 41 in state-owned. The remaining two were at foreign banks.

The Reserve Bank of India (RBI) has a Cyber Security Framework for Scheduled Commercial Banks, which requires banks to implement cyber/IT (Information technology) controls to prevent data leakage. Banks have been directed to strengthen their information technology (IT) risk governance framework that mandates an active role by their chief information security officers. The board and IT committee of banks must also be actively involved to ensure compliance with the required standards, the upper house of the Parliament was informed.