The Reserve Bank of India is proposing cyber audits of all banks, according to officials of the central bank. It had earlier stipulated that some few large banks should undertake such audits. RBI also said banks, which do not have strict security safeguards, would be allowed time to comply with the standards set by it. RBI will undertake a gap analysis on the basis of the audit reports and direct the banks to have enough safeguards in place. The decision to have cyber audits of all banks comes in the light of some 16,500 cyber fraud cases reported in 2015-16. The regulator observed that the instances of cyber frauds are going up year after year.
