RBI blames lack of bank board oversight to tackle cyber crime
The Reserve Bank of India (RBI) has raised concern over the technological prowess of the top management in banks and said it expects board members to be actively involved in technology related aspects.
Commenting on the need for improving cyber security S.S. Mundra, deputy governor of RBI said, “Globally, the focus has now shifted to cyber security. Cyber security is no longer an isolated incident affecting one industry/one country.”
Citing examples of money laundering, system based identification of bad loans, which concerns the regulator, he said “One common thread I see in all the above cases is the lack of Board level oversight and commitment from the executive management.”
The regulator expects that the IT strategy of the banks needs to be closely aligned with the business strategy.
“With strides in technology, it would be difficult for Boards that do not have members having expertise in technology related areas to effectively adopt technology,” he added.
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