PM Modi Says Cyberattacks Can Target India’s Economy, Calls for Stronger Banking Security
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
Prime Minister Narendra Modi on Sunday warned that cyberattacks could be used to weaken a country’s economy, stressing the need to protect India’s banking system from cybercriminals and cyberterrorists.
“Wars today are not fought only with weapons. If a country has to be weakened, its economy can also be attacked,” Modi said while inaugurating the Reserve Bank of India’s (RBI) new Data Centre and Cybersecurity Training Institute at Info Valley-II in Jatni, near Bhubaneswar, Odisha.
“As India is becoming economically stronger, we must also protect our banking system from cyber robbers and cyber terrorists,” he said.
The Prime Minister said safeguarding financial infrastructure was important as India’s economy and digital banking services continued to expand.
Recent SBI data exposure highlights wider cybersecurity concerns
The Prime Minister’s remarks come amid broader concerns over the security of financial data. In a separate development, the State Bank of India (SBI) disclosed on October 21 that a preliminary review of around 3.75 lakh records found on the dark web had identified 3,897 customer records containing personal information.
The information reportedly included names, mobile numbers, dates of birth, email and residential addresses, customer identification details and metadata linked to loan records. SBI said it had initiated an investigation with the help of an independent cybersecurity agency and that the incident had not materially affected its core operations or business continuity.
There is no stated link between the SBI incident and Modi’s remarks at the RBI facility. The incident, however, forms part of the wider challenge facing financial institutions as they seek to protect customer information and maintain trust in digital banking.
With online financial services becoming increasingly central to everyday transactions, the security of banking systems and customer data remains a key concern for India’s financial sector.
