First 'Cyber Security Centre' in co-op banking sector

Mumbai: Marking the entry of Cooperative banking into the digital age, Maharashtra Deputy Chief Minister and finance minister Ajit Pawar will inaugurate the first ever 'Cyber Security Centre' in Indian Co-op Banking Sector established by the Maharashtra State Co-Op Bank at the bank’s training centre at Vashi on Friday.

To commemorate the International Year for Co-operation MSCB has hosted a conference of all the district cooperative banks of Maharashtra. Pawar will inaugurate the cyber security centre and also address the DCCB representatives on Friday.

“We started developing the centre last year with capital investment of Rs. 50 Crore. After testing it for about a year, now we have two other cooperative banks on board who are using our services. Hence, we decided to formally inaugurate the facility now,” said Vidyadhar Anaskar, the administrator of MSCB.

“After the Pulwama attack in Kashmir, various sectors in India faced a total of around 10 Lakh Cyber attacks. According to a recent judgement by Hon'ble Supreme Court, the losses of the the depositors are to be borne by the Banks. With this the banks will have to face huge losses. Similarly it came to light that the small and medium sized Co-operative Banks may not be in a position for such a high capital investment. Considering these aspects, a policy decision was taken by the MSCB to make this Cyber Security facility available to all the Co-op Banks and credit Societies without earning any profits thereon.

Through this, the MSCB will find earn a satisfaction of adhering to an important principle from Co-operative doctrine that of ‘Co-operation amongst Co-operative’," he added.

The Centre, that uses an AI powered cyber security platform for heightened security and user behaviour analysis, has 35 technical experts who monitor the cyber security 24x7, evaluate the Bank Security Systems and issue instructions for proper security measures and sound real time alerts in case of significant threats or attacks. AI based analysis of computerized information helps the centre to keep watch on doubtful transactions and plan a time bound program to avoid dangers in future.