During the ‘DATE with Tech’ event held in the national capital, Union Finance Minister Nirmala Sitharaman underscored the importance of remaining vigilant against cyber fraud and emphasized the efforts undertaken by government institutions, banks, and insurance companies to combat this threat.
Enhanced Awareness and Monitoring
Sitharaman highlighted the ongoing efforts to enhance awareness among government institutions, banks, and insurance companies regarding cyber fraud. She emphasized the need for individuals to remain alert and cautious against fraudulent activities aimed at exploiting digital platforms.
Regulatory Oversight
The Finance Minister mentioned that the government regularly monitors public sector banks, while the Reserve Bank of India (RBI) ensures the security of its own systems to prevent cyber fraud incidents. Additionally, insurance firms conduct assessments of their systems to bolster cybersecurity measures.
Transition to Digital
Acknowledging India’s transition towards a digital economy, Sitharaman stressed the importance of adapting to the evolving technological landscape. She highlighted concerns regarding fraudulent phone calls and SMS scams targeting unsuspecting individuals.
Continuous Improvement
Sitharaman emphasized the need for organizations, especially those handling sensitive information, to invest in robust technology infrastructure and adequately trained staff to safeguard against cyber threats. Continuous assessment and reinforcement of cybersecurity measures were emphasized as essential components of this strategy.
India’s Digital Infrastructure
The Finance Minister also showcased India’s achievement in developing a comprehensive digital infrastructure known as the “India Stack.” This initiative, funded by public resources, integrates various digital elements and has received recognition from other countries for its scalability and effectiveness.
Conclusion
In conclusion, Nirmala Sitharaman highlighted the importance of maintaining vigilance and implementing robust cybersecurity measures to combat cyber fraud effectively. She emphasized the need for continuous adaptation to the rapidly evolving technological landscape to stay ahead of potential threats.
