The Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small & Medium Enterprises (MSMEs), have signed a Memorandum of Understanding (MOU) with the Centre for Development of Advanced Computing (C-DAC), a premier R&D organisation under the Ministry of Electronics and IT, Government of India, in a virtual event.
SIDBI and C-DAC will collaborate to explore innovation and use of emerging technologies in the areas of cybersecurity, AI/ML, blockchain, etc. and related training and capacity building aspects in the Banking Sector.
The MoU was signed by Sudatta Mandal, Deputy Managing Director, SIDBI, and Magesh E, Executive Director, C-DAC, in the presence of Satheesh G, Senior Director and Head, Cyber Security Group, Senthilkumar K.B and Dr. Dittin Andrews, Joint Directors from C-DAC and Ravi Tyagi, Chief General Manager, SIDBI, Paramendra Tiwary, Chief Technology Officer, SIDBI, Sudhir Tandon, General Manager, SIDBI.
The COVID19 pandemic has increased the risk and vulnerabilities of organisations when it comes to being prepared to tackle any cybersecurity related incidents.
According to CheckPoint Research, India witnessed 1,803 cyber-attacks weekly per organisation on average in 2021.
India is among the top five targets for cyber attacks in the APAC region, particularly security breaches that involve cyber espionage, according to cybersecurity and digital privacy company Kaspersky’s ‘Cyber threats to Financial Organisations in 2022’ report.
Previous year in the month of November, vulnerability in Punjab National Bank’s (PNB) servers put the critical financial and personal information of 180 million customers at risk for around seven months according to the cybersecurity firm CyberX9.
The vulnerability provided access to the entire digital banking system of the bank with administrative control, the agency said.