The Reserve Bank of India (RBI) and the Finance Ministry have arranged a crucial conference for November 28 that will bring together leaders from the fintech and banking sectors with the aim of addressing the increasing threat of cyber fraud and data breaches.
The meeting will be presided over by the Secretary of the Department of Financial Services (DFS), as per a report. The participants will include representatives from the Ministry of Electronics and Information Technology, the Ministry of Home Affairs, the DoT, the Telecom Regulatory Authority of India (TRAI), the Unique Identification Authority of India (UIDAI), and the National Payments Corporation of India (NPCI).
SBI and BoB executives are anticipated to attend the conference among the banks.
The discussion is expected to cover a wide range of topics, including the concerning increase in digital payment fraud and the difficult obstacles to stopping these illegal actions. The necessity for a coordinated strategy to strengthen cybersecurity measures is made more urgent by the recent increase in cyberthreats.
The government recently had a meeting with Google to learn about their methodology for mitigating financial risk.