Banking News

Govt designates ICICI Bank’s IT resources as critical information infrastructure


The Ministry of Electronics and IT (MeitY) announced the IT resources of private sector lender ICICI Bank as critical infrastructure under Section 70 of the IT Act, 2000, indicating that any harm to it can have an influence on national security and any unpermitted person accessing it may be imprisoned for up to ten years, as per official notification. 

“The Central Government hereby declares the computer resources relating to the Core Banking Solution, Real Time Gross Settlement and National Electronic Fund Transfer comprising Structured Financial Messaging Server, being Critical Information Infrastructure of the ICICI Bank, and the computer resources of its associated dependencies to be protected systems for the purpose of the said Act,” the official notification says.

The announcement grants access to the lender’s IT resources to authorised employees approved by ICICI Bank, officially approved team members of contractual managed service providers or third-party vendors who have been approved by the bank for need-based access, and any consultant, regulator, government official, auditor, and stakeholder authorised by the bank on a case-by-case basis.

“Looking at the recent sophisticated cyber attacks, it is high time all the banks and financial institutions get themselves notified as a protected system. Similarly, the control system of all the electricity, oil, airports, railways, metros and transport systems are critical infrastructure and must be declared as a protected system,” SP, Cyber Crime, Uttar Pradesh Police and certified cyber expert Triveni Singh said.

The Act defines ‘critical information infrastructure’ as a computer resource whose inefficiency or loss has a devastating impact on national security, the economy, public health, or safety. According to the Act, anybody who secures or attempts to secure access to a protected system in violation of the requirements will face imprisonment for a term of up to ten years as well as a penalty.

 

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.



Source link

Leave a Comment