Banks must ramp up cyber security spending amid rising digital threats

Bank of Baroda MD and CEO Debadatta Chand has called for substantially increased investment in cybersecurity measures, warning that Indian banks must fortify their technological defences against evolving digital threats.

Chand emphasised that financial institutions require robust technology infrastructure and upgraded security protocols to effectively combat the rising incidence of cyber attacks and data breaches. The banking sector, he indicated, must treat cybersecurity enhancements as a critical priority rather than a secondary concern.

Beyond institutional safeguards, the Bank of Baroda chief stressed that customer awareness and digital literacy play an equally vital role in protecting the banking ecosystem. As customer exposure to digital banking channels expands, financial institutions must invest in educating account holders about security best practices and fraud prevention measures.

The push for enhanced cyber security investments reflects growing concerns across India's financial sector as digital banking adoption accelerates. Banks are grappling with sophisticated cyber threats ranging from phishing attacks to sophisticated data theft operations, prompting industry leaders to advocate for comprehensive security modernisation programmes.