ATMs Will Be Protected Against Hacking; New Cyber Security Protocols Coming Soon
Reserve Bank of India, or RBI is now determined to make ATMs safe from hackers and cyber criminals. Soon, state of the art cybersecurity protocols will be implemented, which will stop hackers from breaking into the ATMs, and stealing money.
This is what RBI has proposed..
New Cyber Security Protocols For All ATMs
RBI has realized that almost every bank in the country has outsourced critical ATM functionaries and security related aspects to third party.
This leaves a massive hole in security and privacy of users, and the ATM as well.
Cyber criminals use this loophole, and hack into the ATMs, stealing money.
RBI wants to stop this.
New cyber security protocols will be implemented for all ATMs, which will plug the loopholes, and enable safer ATMs.
In a statement, RBI said, “A number of commercial banks, urban cooperative banks and other regulated entities are dependent upon third party application service providers for shared services for ATM Switch applications. Since these service providers also have exposure to the payment system landscape and are, therefore, exposed to the associated cyber threats, it has been decided that certain baseline cyber security controls shall be mandated by the regulated entities in their contractual agreements with these service providers,”
Stealing Money From ATMs Will Become Tough
RBI plans to implement a safer medium to update software and applications for all ATMs, which will be reportedly a closed ecosystem.
Besides, RBI will make the “incident response mechanism more robust”, so that the cyber criminals are caught in time, and money is returned to the rightful owners.
And, in case of any error from the bank related to any unauthorized transaction, then the bank is mandated to return the money, even if the customer is not aware.
As per the new guidelines, physical and digital surveillance of the ATMs will be made mandatory, and that too at regular intervals for making the ATMs safe.
RBI has already made it mandatory for the banks to solve the case of cyber robberies, in 7 days, and make sure that the money is returned to the bank account holder. An
We will keep you updated, as more details come in..