Sitharaman gave banks instructions to keep offering smooth services to customers, even in isolated locations, in cooperation with authorities and security firms as needed. Finance Minister Nirmala Sitharaman received assurances from Indian banks and insurance companies on Friday that they are prepared to stop any cyberattacks by Pakistani outfitted DDoS.

Distributed denial-of-service) systems. “Mock drills covering cybersecurity and disaster recovery scenarios at the highest levels have been held to ensure institutional readiness,” they informed her at a Friday meeting. According to the financial institutions (FIs), they are alert and actively monitoring phishing efforts. In order to guarantee prompt claim payouts.

Continuous customer service, Sitharaman instructed banks to keep offering smooth services to consumers, especially in distant places, in cooperation with regulators and security agencies New Delhi, May 10, 2025 — In a reassuring development for the financial sector, Finance Minister Nirmala Sitharaman on Friday said that banks and insurance companies in India fully.

Speaking at a cybersecurity summit organized by the Ministry of Finance in collaboration with the Reserve Bank of India (RBI) and IRDAI, Sitharaman stated that both public and private sector financial institutions have significantly ramped up their cyber preparedness equipped to counter cyber threats and have strengthened their digital security infrastructure safeguard.

Rising Digital Transactions, Rising Risk

The Finance Minister’s remarks come in the wake of a growing number of cyber threats targeting the banking and insurance sectors, especially as India witnesses a steep rise in digital transactions. According to official data, digital payments in India grew over 76% year-on-year in FY 2024-25, driven by UPI, mobile banking, and digital policy purchases.

With this surge, the risks associated with data breaches, phishing, ransomware, and unauthorized access have also grown exponentially. Sitharaman emphasized the need for constant vigilance and investment in advanced cybersecurity technologies “Representatives from leading banks and insurance companies have assured the ministry that robust systems.

Institutional Safeguards in Place

The Finance Minister highlighted that both the RBI and IRDAI have issued detailed guidelines on cybersecurity protocols. Regular audits, simulation drills, and incident response mechanisms are now mandatory across institutions “Financial institutions cannot afford to be complacent. Cyber threats are evolving, and our preparedness must stay ahead of that curve.

“Banks are operating with 24×7 Security Operations Centers (SOCs), and insurance companies are also mandated to deploy advanced firewalls and data protection policies,” she noted ” she said real-time monitoring, and preventive frameworks are in place to detect, resist, and respond to cyber attacks,” Sitharaman said customers and operations Sitharaman also.

Consumer Awareness Key

The minister also urged banks and insurers to invest in customer education. “A large number of cyber frauds happen due to lack of awareness. Institutions must proactively inform and empower users to identify and avoid suspicious links, calls, or messages,” she added mentioned that the government is working closely with the Indian Computer Emergency Response Team (CERT-In) to ensure real-time threat intelligence sharing and coordinated.

As digital finance continues to evolve, Sitharaman reaffirmed the government’s commitment to creating a secure and resilient financial ecosystem for all stakeholders response strategies Finance Minister Nirmala Sitharaman said banks and insurance companies have assured the government of their readiness to counter cyber threats. At a recent cybersecurity summit.

Financial institutions confirmed the implementation of advanced security systems, 24×7 monitoring, and compliance with RBI and IRDAI guidelines. Sitharaman emphasized the need for ongoing vigilance, customer And collaboration with CERT-In to ensure a secure digital financial ecosystem amid rising cyber risks of advanced securit Sitharaman emphasized the need for constant vigilance and investment in advanced.

• Group Media Publication

1. Construction, Infrastructure and Mining   
2. General News Platforms – IHTLive.com
3. Entertainment News Platforms – https://anyflix.in/