Cyber attacks on banking a worrying trend: Dy NSA

With government pushing for cash-less economy, Deputy National Security Advisor Arvind Gupta on Tuesday asked banks to adopt a robust infrastructure so that digital transactions are secured.

In the recent past, he said, several high profile attacks have taken place on the banks, “this is a worrying trend”.

“Cyber security issues are now top of the national security agenda and such issues are given more importance than even the nuclear issues that used to top the international security agenda,” Gupta said.

He also asked the banking industry to be more forthcoming in sharing the incidents of financial security frauds and helping in chalking out timely response.

“Now, with India going towards less cash economy, major thrust for the government is to promote digital transactions, banking industry must make a robust infrastructure so that digital transactions are secured,” the Deputy NSA said.

Terming cyber threats as a major challenge to both national and global security and economies, he said there was a need for clear legal framework to fix the responsibility in case of an attack that cripples networks and affects consumers.

“Also, unlike the nuclear issue, the concept of deterrence in cyber space is somewhat restricted. Offence is easier than defence in cyber space. To attack is cheaper than to defend,” Gupta said.

The Deputy NSA said cyber space knows no boundaries and cyber criminals and attackers cannot be tracked easily. The problem in jurisdiction in cyber space is difficult to resolve, he said.

“It is difficult to attribute the source of attack in the cyber space, and non-attributability encourages the cyber criminals and attackers to undertake more such attacks,” Gupta said addressing a seminar on Cyber Security organised here by CII in partnership with Israel’s Tel Aviv University.

With cyber space growing too rapidly and new products and services coming online everyday, the Deputy NSA said “It is difficult to keep track of the vulnerabilities that comes with these technologies. We are witnessing a rapid advances in technologies, both offensive and defensive, in cyber warfare.”