Banks need to hire experienced chief risk officers to deal with cyber attacks: Report

The banking industry needs to upgrade its IT infrastructure and appoint experienced chief risk officers to effectively deal with incidence of cyber crimes, says a report by Deloitte India. Observing that banks are the most targeted sector, the report said that nearly 22 per cent of cyber security attacks which took place in India in 2018-19 were on the banking industry.

“…these (cyber) attacks are becoming complex day by day. To address these challenges, banks need to appoint experienced Chief Risk Officers who can take the responsibility of skilling the employees and lead investment in military-grade cyber security solutions to detect the most advanced attacks,” said the Deloitte report on “Digitizing the post COVID world: The ‘3I’ approach”.