Given that sharing the cyber attack experience among banks and drawing lessons is very critical, it is important that banks are proactively engaged with Indian Banks – Center for Analysis of Risks and Threats (IB-CART) of the IDRBT for incident sharing and benefiting from each others’ experience. At the end, an effective interplay of seven S’s viz.
This is just one of the lessons from going through two episodes of financial crises over the past two decades—financial supervision must be proactive instead of reactive. We have thus shifted to a more comprehensive, risk-based approach to banking supervision. This has significantly improved the safety and soundness of individual banks and promoted early identification and effective mitigation of system-wide financial risks.