More than 140 cooperative banks of Maharashtra are set to adopt an artificial intelligence powered cyber security program launched by a federation of Maharashtra UCBs, DCCBs and SCBs known as Maharashtra State Cooperative Bank Association, MSCBA.
The program was inaugurated by Ravindra Chavan, Minister of State for Information Technology, Ports, Medical Education, Consumer Protection, Food and Civil Supplies, along with the board members of the MSCBA and representatives of over 100 co-operative banks, including some from remote parts of the state.
MSCBA-an association of hundreds of co-op banks, urban cooperative banks and credit cooperatives has last week tied up with cyber security company Sequretek to provide all 400 members with the latest cybersecurity program.
In a telephonic communication with Indian Cooperative Swati Pande, CEO, MSCBA said, “The objective of this program is to provide cyber security to smaller cooperative banks which don’t have any expertise in this field.”
“Smaller banks in co-operative sector are not tech-savvy and they are also having a lack of knowledge in this filed. Small size banks often find it challenging on account of limited resources to be able to have access to the right technology to better serve their cyber security needs”, she said almost repeating the idea behind Umbrella Organization being discussed at high level in the govt.
“Besides, association will also provide training to 1000 bank professionals in cyber security to manage threats on sites at free of cost through different offices spread across the state. Although the process have been started”, she claimed.
To make it affordable for all, the MSCBA has also kept the fees low. Pande said the expense on these bank is merely of Rs 600-700 per day. “If they want to compete with other players in the market they should adopt this facility”, she stressed.
Cooperative banks are no strangers to cyberattacks. Last year, Pune-based Cosmos Bank lost Rs 94 crore to a malware attack on its debit card payment switching systems.
Cosmos Bank heist was an eyecatcher but several other cyberattacks have happened over the last few months. One incident is that of Kolhapur Cooperative Bank where Rs 67-lakh fraud was detected through cyber security. A fortnight ago, Ojhar Merchant Co-operative Bank also faced the same problem.
More than 400 UCBs, 31 DCCBs including Saraswat Bank, Kapol Bank, CKP Bank, etc are the members of MSCBA.