Cyber security is critical for safeguarding the integrity and stability of the financial sector of India. A Computer Emergency Response Team for Financial Sector (CERT-Fin) will be established,” Finance Minister Arun Jaitley promised in his Budget Speech for the year 2017.
The entity will work in close coordination with all financial sector regulators and other stakeholders.
Last year, more than 32 lakh debit cards of various public and private sector banks were compromised. It was one of the biggest cyber frauds related to banks in India.
Post demonetisation, promotion of a digital economy is an integral part of government’s strategy to clean the system and weed out corruption and black money.