New Delhi, Feb 1: In wake of the increasing incidents of cyber frauds across the nation, Union Finance Minister Arun Jaitley on Wednesday announced setting up of a Computer Emergency Response Team (CERT). The Computer Emergency Response Team will strengthen the security of the financial sector and to keep a check on cyber frauds. In his budget speech, Jaitley said, “The Cyber security is critical for safeguarding the integrity and stability of our financial sector and a Computer Emergency Response Team for our Financial Sector (CERT-Fin) will be established”. He assured that this entity will work in close coordination with all Financial Sector Regulators and other stakeholders.

As per PTI reports, more than 32 lakh debit cards of various public and private sector banks were compromised last year. This was the biggest cyber frauds related to banks in India. After the demonetisation drive, the government is pushing for the promotion of digital economy as it considers digitalization an integral part of government’s plan to curb the menace of black money. During the Budget session, Jaitley also announced that a bill relating to resolution of financial firms will be introduced in the ongoing Budget Session of Parliament.  He said this move will contribute to stability and resilience of India’s financial system and will protect the consumers of various financial institutions. (ALSO READ: Budget 2017-18 tax relief: Income tax on small companies reduced from 30% to 25%)

About Computer Emergency Response Team:

  • The Computer Emergency Response Team is an expert team of technology experts and computer scientists.
  • They look into cyber security related issues for the government.
  • The Finance Minister of India headed by Union Finance Minister intends to set up a special team to look specifically into cyber hacks and attacks on financial institutions like banks and NBFCs.
  • The proposed Computer Emergency Response System is believed to boost the government’s digitization move at an accelerated pace.

In his speech, Jaitley said, “Together with the Insolvency and Bankruptcy Code, a resolution mechanism for financial firms will ensure comprehensiveness of the resolution system in the country”. Jaitley, suring his Budget address also announced that the government will soon launch two new schemes to boost the adoption of BHIM (Bharat Interface for Money) digital payment app. He informed that nearly 125 lakh people have adopted the BHIM app. The two new schemes comprise of a referral bonus for consumers and a cash-back scheme for merchants which would to promote the use of BHIM.