Are Vested Interests at Work to manipulate RBI ?
Jan 24: The GGWG was an exercise at revising the 10 year old report of the SR Mittal Group which first addressed the requirements of the Internet Banking Era. Compared to the task which was ahead of the Mittal Group, GGWG was in a far more advantageous position since there was a decade old experience on both technology as well as the legal aspects of Technology Banking. ..
Not withstanding some good work reflected in the GGWG, it appears that the GGWG could have done far better than what it has done. This is more glaring in the chapters on Cyber Fraud and Legal Issues... More : Related Article in Techgoss
Phishing Risks under G Gopalakrishna Working Group Report
Jan 22: The GGWG has made the following comment on Phishing Risks in its report
"Of late there have been many instances of 'phishing' in the banking industry, posing a major threat to customers availing internet banking facilities. Though Section 66D of the amended IT Act could broadly be said to cover the offence of phishing, the attempt to commit the act of phishing is not made punishable. It is suggested that there is a need to specifically provide for punishment for an attempt to phish as well, in order to deter persons from attempting it"
I would however like to bring it to the notice of the observers that this has been addressed in ITA 2008. Additionally, ITA 2008 makes Phishing liable for punishment under several sections other than 66D. These observations are relevant to an analysis of Phishing cases in future... More
Role of Adjudicators in Phishing Cases Reiterated
Jan 22: One of the important observations made y the G Gopalakrishna Working Group in Electronic Banking is as follows.
"The IT Act, 2000 as amended, exposes the banks to both civil and criminal liability. The civil liability could consist of exposure to pay damages by way of compensation upto Rs 5crore under the amended Information Technology Act before the Adjudicating Officer and beyond Rs 5 crore in a court of competent jurisdiction. The top management of banks could also suffer exposure to criminal liability given the provisions of Chapter XI of the amended Information Technology Act and the exposure to criminal liability could consist of imprisonment for a term which would extend from three years to life imprisonment, as also a fine. Further, various computer related offences are enumerated under various provisions of the Act. "
The fact that the Umashankar Case has been vetted for Jurisdiction purpose both at the Adjudicator's level as well as the Cyber Appellate Tribunal Level is also another indication that the matter of jurisdiction in respect of such cases is a settled fact in law.
Since some IT Secretaries are not clear whether they can entertain adjudication applications there is a need for Cyber Appellate Tribunal and the Ministry of Communications and Information Technology , GOI to start a dialogue with the State Governments to find a proper mechanism by which the IT Secretaries are provided with infrastructure, guidance and manpower support to handle this additional responsibilities. ..More
RBI Working Group in Electronic Banking
January22: RBI released the report of the Working Group headed by G.Gopalakrishna on Information Security in Banks. After the June 14, 2001 instructions on Internet Banking based on the then working group report headed by S.R.Mittal, this report is another game changer in the Banking industry. Naavi has been in the forefront of fighting for better Information Security systems in Banks and the last year's landmark decision of the TN Adjudicator was a critical development which prompted Banks to sit up and take notice of their responsibilities. Now Banks have a more recent guideline to follow in respect of the security requirements. Watch out for more information in the impact of the Gopalakrishna report on the information security issues in Banks. Press Release: Summary of Report: Full Report :
posted by Naavi @ 2:31 AM
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