India today boasts of the second biggest Smart Phone Market in the world with there being an estimated 500 million smart phone users in the country as of 2019. As a result, individual and corporate customers seek to obtain several banking services on their mobile phones. Several customers also seek for Internet Banking services. RBI has been encouraging banks to offer Mobile and Internet Banking services to their customers.
However, when a bank provides Mobile and Internet banking services, its internal systems get exposed to the internet – which is inherently not secure enough for sensitive banking transactions. Therefore, it becomes extremely crucial for a bank to take several important steps to protect its internal systems from cyber attacks. This is an area in which we specialize. We can guide your bank in rolling out Mobile Banking and Internet Banking services in a secure manner so that the banking objectives and cyber security objectives are both met.
In addition, as per RBI’s guidelines, when a bank intends to launch Internet Banking services, it will have to obtain Certificate from CISA qualified auditor that the bank’s Policy framework and technology deployment meet RBI’s prescribed controls. We have issued such Certificate of Compliance to Regional Rural Banks and large Urban Co-operative banks for their Application to RBI for Internet Banking Facility.