RBI’s digital security revolution: Redefining banking safeguards

Indian financial institutions face 44% more cyberattacks than the global average -3,291 weekly attacks per institution versus 1,847 globally.  This stark reality positions India at the frontline of digital financial security challenges. As UPI transactions exceed 18 billion monthly, the Reserve Bank of India recognises that conventional security measures can no longer withstand sophisticated threats targeting our digital ecosystem.

The recent introduction of the .bank.in domain represents just one visible element of a comprehensive security revolution that deserves global attention. Having partnered with leading banks across markets, I’ve observed security strategies evolve over decades. The RBI’s approach stands out for its architectural vision– it isn’t implementing isolated technical fixes but orchestrating three fundamental shifts that will address security challenges plaguing India’s digital banking environment.

Building a collaborative security network for India

First, the shift from siloed security to collaborative defence ...