Reserve Bank of India has told banks to review their existing cyber security systems in the light of the debit card data breach involving some 32 lakh cards. RBI said the whole issue is now being investigated by a forensic auditor. The regulator had convened a meeting of senior bank officials, NPCI representatives and card network operators to evolve a strategy to counter the adverse fall-out of the breach. RBI also told banks to evolve an effective security framework and its early implementation so that such incidents are minimized and effective counter measures are initiated instantaneously. RBI also said the number of cards misused is few and as a matter of abundant precaution, card network operators concerned were earlier advised to share the details of cards used during the period of such exposure. Based on this, banks have been taking necessary remedial action to avoid any potential abuse of such cards in future and to protect the interest of their customers. Banks have taken measures including advising the customers to change PIN, blocking payments at international locations, reducing the withdrawal limits, monitoring unusual patterns, replacing the cards and re-crediting the accounts of cardholders for amounts wrongly debited, the RBI said. Meanwhile, RBI has set up a team, headed by Nandkumar Sarvade, a retired IPS officer and an expert in bank fraud and terrorism cases to examine the whole issue.
