Overview

• Finance Minister Nirmala Sitharaman convened a high-level meeting on May 9 to assess the cybersecurity preparedness of India's financial institutions following escalating tensions with Pakistan.
• Banks and insurance companies assured the minister of robust defenses, highlighting the implementation of anti-DDoS systems, operational security centers, and regular mock drills for disaster recovery.
• Sitharaman instructed banks to appoint two senior officials for real-time incident reporting and operational management, ensuring seamless services such as ATM cash availability and UPI functionality.
• The government emphasized close coordination with agencies like CERT-In, RBI, and NCIIPC to facilitate agile threat response and information sharing.
• Insurance companies were directed to prioritize timely claim settlements, while banks were urged to safeguard employees in border regions and maintain operational continuity.