Context:
The Maharashtra State Cooperative Bank (MSC Bank) has inaugurated India’s first dedicated Cyber Security Operations Centre (C-SOC) for the cooperative banking sector. Named Sahakar Suraksha, the centre is a pioneering initiative to bolster the cybersecurity posture of rural and cooperative banks.
Key Highlights
- First-of-its-Kind Initiative:
- MSC Bank becomes the first bank in India to set up a cybersecurity operations hub tailored for cooperative banks.
- Location and Investment:
- The C-SOC is located in Vashi, Navi Mumbai and was established at a cost of ₹50 crore.
- AI-Powered Monitoring:
- Equipped with artificial intelligence-enabled systems, the facility ensures 24/7 monitoring and threat detection.
- Staff and Operations:
- Operated by a team of 35 cybersecurity professionals, the centre currently supports 31 District Central Cooperative Banks (DCCBs) in Maharashtra free of charge.
- Cyber Threat Prevention:
- The C-SOC recently prevented a major cyberattack on a cooperative bank in Sindhudurg by issuing an early warning.
- Cyberattack Trends:
- Over 1 million cyberattacks have been reported across cooperative banks, with some cases leading to losses of up to ₹50 crore.
- Support Services:
- Cyber hygiene training for bank staff
- Security audits
- Digital security policy development and compliance support
- Regulatory Compliance:
- Helps member banks comply with RBI guidelines and Supreme Court mandates on safeguarding depositor funds and digital assets.
National Significance
MSC Bank’s cybersecurity initiative serves as a model for other states to replicate, particularly in enhancing the digital security infrastructure of rural and cooperative banks across India.
