Financial Services Secretary Calls for Enhanced Cybersecurity in Banking Sector

Financial Services Secretary M Nagaraju has issued a stark warning to banks, urging them to bolster their defenses against the escalating threat of cyber attacks. Speaking at the 'Code Against Malware' hackathon prize distribution ceremony at PNB headquarters, Nagaraju emphasized the critical role of cybersecurity in safeguarding the financial sector.

Innovative Solutions to Combat Cyber Threats

The 'Code Against Malware' hackathon, launched in December 2024, brought together student teams from IIT Kanpur and other leading institutions. Participants were challenged to develop endpoint security solutions capable of detecting ransomware through behavioral analysis, artificial intelligence, and heuristic techniques.

Collaboration Between Industry and Academia

This initiative, a collaboration between IIT Kanpur, the Department of Financial Services (DFS), and the Indian Banks' Association (IBA), aims to foster innovation in cybersecurity and tap into India's young technical talent. PNB MD and CEO Ashok Chandra highlighted the bank's commitment to innovation, stronger cyber defenses, and the importance of industry-academia partnerships.