Bankers to discuss cyber security

Chennai, Jan 26 (IANS) Bankers and cyber experts will meet here Friday to discuss securing electronic banking transactions and improving customer convenience, an official said.

The seminar ‘Banking on e-Security – RBI’s Gopalakrishna Working Group’ is being organised jointly by city-based Cyber Society of India and Indian Overseas Bank (IOB), said K. Srinivasan, president of the society.
The Reserve Bank of India (RBI), under the chairmanship of its Executive Director G. Gopalakrishna, had constituted a working group to examine issues on information security, electronic banking and cyber fraud.
The committee submitted its report last January and it was circulated to all banks, except regional rural banks, last April.
“The seminar is first of its kind in bringing together bankers, IT companies, cyber law experts and cyber crime investigators under one roof,” Srinivasan told IANS.
He said apart from Gopalakrishna, who will deliver the keynote address, other speakers include IOB’s chairman and managing director M. Narendra, Assistant Commissioner of Police John Rose and IT experts.
According to the Gopalakrishna Committee report, banks with a high technology penetration will have to implement all the guidelines and those not having any major online transactions have to implement only some of its recommendations.
According to V.Rajendran, senior vice president of Cyber Society, from this fiscal onwards, banks have to incorporate in their annual reports the measures taken in respect of various subject areas indicated in the Gopalakrishna report.
RBI would review the progress in implementation of these guidelines on a quarterly basis and in its Annual Financial Inspection of banks, he added.