Banks told to strengthen tech to tackle hacking, phishing attacks

Banks should deal with the issue of data confidentiality with utmost care in the present technology-driven environment, according to Mr Anand Sinha, Deputy Governor, Reserve Bank of India.

Speaking at a seminar on ‘Beyond core banking', organised for the directors of banks by the Institute for Development and Research in Banking Technology (IDRBT) here on Saturday, Mr Sinha said banks needed to strengthen Internet technologies to contain hacking and phishing.

The rapidly growing interconnectivity of IT systems and convergence of technology would render IT systems increasingly vulnerable to malicious attacks, he pointed out.

“Banks need to take a disciplined approach to IT architecture, create standardised platforms and bring more business value from technology investments,'' the Deputy Governor said.

The IT investments of banks were most fruitful when they match technology strategy with business strategy and implement systems in a disciplined way, he said.

Mr B. Sambamurthy, Director, IDRBT, said there was a need for developing information as a distinct discipline. “IT governance is a relatively new subject, even globally. But it is very critical because IT is now almost all-pervasive in banks,'' he observed.

Dr Y.V. Reddy, former Governor of RBI, earlier inaugurated the seminar, according to a release.