RBI Policy:Aware of data breach at payment cos, taking remedial steps

Informist, Wednesday, Apr 7, 2021


MUMBAI – The Reserve Bank of India is aware of data breaches at payments companies, and is taking steps to reduce the recurrence of such incidents, it said today. 

"As far as instances of such (data breaches) issues are concerned, we are seized of those matters, and we are taking all the steps required to reduce the possibility of such events," said Executive Director T. Rabi Sankar, while speaking at the monetary policy press meeting today. 

He also said that the RBI's objective remains customer protection and to make digital transactions as safe as possible.


Recently, social media was abuzz over a large data breach at a leading payments company. 


On Mar 30, digital payments company One MobiKwik Systems Pvt Ltd said it will get a forensic data security audit done by a third party a day after complaints related to an alleged data leak resurfaced on social media. 

Although reports of the alleged data breach had surfaced almost a month ago, the statement from the company came after several users complained of their data being available on the dark web. A French ethical hacker, who goes by the name Elliot Alderson, also flagged concerns.

In a Twitter post on Mar 4, independent security researcher Rajshekhar Rajaharia had said that hackers had claimed the data of 110 mln Indians, allegedly leaked from the servers of MobiKwik. At the time, the company said that it did not find any security lapses after thoroughly investigating the allegations.  End


Reported by Alekh Archana 

Edited by Snigdha Kuttikat


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