The government declares ICICI Bank’s IT resources as “critical information infrastructure”; What does it mean?

New Delhi: The government has declared ICICI Bank’s computing resources as “critical information infrastructure”, implying that any damage may impact national security and any unauthorized person accessing it may be imprisoned for up to 10 years, according to an official statement. The Ministry of Electronics and Computers (MeitY), in the notification dated June 16, declared the private sector lender’s computing resources as critical infrastructure under Section 70 of the Computers Act 2000.

“Central Government hereby declares IT resources relating to Core Banking Solution, Real-time Gross Settlement and Domestic Electronic Funds Transfer comprising the Structured Financial Messaging Server, which is the critical information infrastructure of ICICI Bank, and the computing resources of its associated dependencies as protected systems for the purposes of said law,” the notification states. The notification authorizes designated employees authorized by ICICI Bank, authorized team members of managed service providers contractors or third-party vendors who have been authorized by the bank for access on a needs basis and any consultant, regulator, official, auditor and stakeholder authorized by the bank on a case-by-case basis to access the lender’s IT resources.

“In view of the recent sophisticated cyberattacks, it is high time that all banks and financial institutions were notified as a protected system. “Similarly, the control system of all electricity, oil, airports, railways, metros and transportation systems are critical infrastructure and must be declared as a protected system,” said SP, Cyber ​​Crime, Uttar Pradesh Police and Certified Cyber ​​Expert Triveni Singh. Under the law, “critical information infrastructure” means a computing resource whose incapacitation or destruction will have a debilitating impact on national security, the economy, public health or safety.

Anyone who secures or attempts to secure access to a protected system in violation of the provisions is punishable by imprisonment for up to 10 years and is also subject to a fine, the law says.

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