Banks need to build resilience against cyber threat: DFS Secretary

Financial Services Secretary M Nagaraju on Saturday cautioned banks to bolster their defences against the growing menace of cyber threats.

Speaking at a prize distribution ceremony of the 'Code Against Malware' hackathon at PNB headquarters here, Nagaruaju highlighted the growing importance of cybersecurity in the banking sector.

Such initiatives align with the national goal of building resilience against emerging digital threats, he said.

Launched in December 2024, the 'Code Against Malware' hackathon invited student teams from IIT Kanpur and other premier institutions to develop endpoint security solutions to detect ransomware, using behavioural analysis, artificial intelligence, and heuristic techniques.

The hackathon was conducted in collaboration with the IIT Kanpur, under the guidance of the Department of Financial Services (DFS) and the Indian Banks' Association (IBA), with the objective of fostering innovation in cybersecurity and engaging India's young technical talent.

PNB MD and CEO Ashok Chandra, in his remarks, underscored the institution's commitment to driving innovation, strengthening cyber defences, and promoting collaboration between industry and academia.