Tuesday, 23 July, 2024

RBI's Rao Warns of Cybersecurity Risks in Outsourcing Post-Microsoft Outage

RBI Deputy Governor M. Rajeshwar Rao has raised concerns about the cybersecurity risks associated with outsourcing, following a significant Microsoft outage. He emphasizes the need for financial institutions to strengthen their internal security measures and maintain control over critical operations. Rao's warning highlights the increasing vulnerability of outsourced services to cyber threats, urging a reassessment of risk management practices in the banking sector.