1. What is a cyber attack?

 A cyber attack is a deliberate exploitation of computer systems, networks, or

devices through various malicious tactics.

 For example, in July 2024, Nainital Bank branch in Noida suffered a cyber attack
where hackers exploited the bank's Real-Time Gross Settlement (RTGS) system
using stolen credentials, resulting in unauthorized transfers totaling Rs 16.50
crore. This incident underscores the critical nature of cybersecurity in protecting
financial systems from malicious actors.

2. What are the main types of cyber attacks that banks face?

 Banks commonly face:

 Phishing: Deceptive emails tricking users into revealing sensitive

information.

 Ransomware: Malware that encrypts files and demands payment for

decryption.

 DDoS Attacks: Overwhelming services to disrupt operations.

 SQL Injection: Manipulating databases through vulnerable web

applications.

 Insider Threats: Employees misusing their access to compromise data.

For instance, in March 2023, several major banks in India were targeted
through phishing emails that exploited software vulnerabilities, leading to
data breaches.

3. Can you tell me any Ransomware that happened in recent past in India?

//You can tell about any of them , cross questions are generally not asked//

Polycab India Limited Ransomware Attack

WazirX Cryptocurrency Exchange Breach

C-Edge Technologies Attack Impacting Small Banks

Star Health and Allied Insurance Data Breach

Telecommunications Consultants India Data Breach

Hathway ISP Data Breach

4. What is ransomware and how does it affect banks?

Ransomware is malware that encrypts files on a victim's system and demands

payment for decryption. For banks, this can halt operations and lead to
significant financial losses.

In August 2024, a ransomware attack on C-Edge Technologies temporarily took

down payment systems for around 300 small Indian banks.

5. What steps should be taken if a bank falls victim to a ransomware attack?

Steps include:

i. Isolate Affected Systems: Disconnect infected devices from the network.

ii. Assess Damage: Determine which systems are affected.

iii. Notify Law Enforcement: Report the incident for investigation.

iv. Restore Data from Backups: If backups are secure, restore systems
without paying ransom.

v. Conduct Forensic Analysis: Investigate how the breach occurred to

prevent future incidents.

6. Can you explain the concept of malware?

Malware is malicious software designed to harm or exploit devices and networks.

Types include:

i. Viruses: Spread by attaching to legitimate programs.

ii. Worms: Self-replicating malware that spreads across networks.

iii. Trojans: Disguised as legitimate software but perform harmful actions.

iv. Ransomware: Encrypts files and demands ransom.

A notable example is the WannaCry ransomware attack in May 2017,
which affected numerous organizations in India, including banks, by
exploiting outdated software vulnerabilities.
7. What is phishing and how does it impact banking institutions?

Phishing involves deceiving individuals into providing sensitive information by

masquerading as trustworthy entities. In banking, this can lead to unauthorized
access and financial fraud.

For example, during the COVID-19 pandemic, many phishing scams targeted
banking customers in India, tricking them into giving away their credentials under
the guise of COVID-related financial assistance.

8. How can banks mitigate the risks associated with phishing attacks?

Banks can implement:

i. Multi-Factor Authentication (MFA): Adds security beyond passwords.

ii. Employee Training: Regular sessions on recognizing phishing attempts.

iii. Email Filtering: Advanced systems to detect suspicious messages.

iv. Customer Awareness Campaigns: Educating customers about phishing

tactics.

For instance, after a series of phishing attacks in 2023 targeting major banks like SBI and
ICICI Bank, many institutions ramped up their customer education initiatives.

9. What is a Distributed Denial-of-Service (DDoS) attack?

A DDoS attack aims to overwhelm a target's resources with excessive traffic from
multiple sources, rendering services unavailable. An example occurred when
several Indian banks faced DDoS attacks during peak transaction periods,
disrupting online banking services.

10. How can banks protect against DDoS attacks?

Protective measures include:

i. Traffic Filtering Solutions: Identify and block malicious traffic.

ii. Content Delivery Networks (CDNs): Distribute traffic across servers to

absorb spikes.

iii. Incident Response Plans: Prepare specific strategies for responding

quickly to DDoS incidents.
11. What is SQL injection and how can it be prevented?

SQL injection involves inserting malicious SQL queries into input fields to
manipulate databases. Prevention includes:

i. Using prepared statements or parameterized queries.

ii. Implementing input validation techniques.

iii. Employing web application firewalls (WAFs).

For example, after several incidents of SQL injection attacks on Indian e-
commerce sites, banks have adopted stricter coding practices for their
online platforms.

12. Why is web application security crucial for banks?

a. Web application security protects sensitive customer data during online

transactions. Vulnerabilities can lead to data breaches and financial fraud.

b. The 2016 Indian bank data breach compromised over 3 million debit cards due to
weaknesses in web applications used by major banks like SBI and HDFC Bank.

13. What constitutes an insider threat in banking?

a. An insider threat occurs when employees misuse their access privileges

intentionally or unintentionally compromise sensitive information. For instance,
an employee at a bank may inadvertently expose customer data due to
negligence or may intentionally sell sensitive information for personal gain.

14. How can banks detect and mitigate insider threats?

a. Strategies include:

i. Implementing strict access controls based on least privilege principles.

ii. Monitoring user activity through SIEM systems for unusual behavior
patterns.

iii. Conducting regular audits of user permissions and activities.

15. What is an incident response plan (IRP), and why is it important?

a. An IRP outlines procedures for detecting, responding to, and recovering from
cybersecurity incidents. It minimizes damage during incidents and ensures swift
recovery. For example, following significant breaches in Indian banks, many
institutions have updated their IRPs to include lessons learned from past
incidents.
16. What are the key components of an effective incident response plan?

a. Key components include:

i. Preparation: Establishing policies and training necessary for effective

response.

ii. Detection & Analysis: Identifying incidents through monitoring systems.

iii. Containment: Implementing measures to limit damage during an

incident.

iv. Eradication & Recovery: Removing threats from the environment and
restoring systems securely.

v. Post-Incident Review: Evaluating response effectiveness and updating the

IRP based on findings.

17. How do compliance regulations affect cybersecurity in banking?

a. Compliance regulations like PCI-DSS mandate specific security controls that banks
must implement to protect sensitive customer data. Non-compliance can result
in significant fines; for instance, after the 2016 data breach affecting millions of
debit cards, affected banks faced scrutiny regarding their compliance with
security standards.

18. What role does risk assessment play in banking cybersecurity?

a. Risk assessments identify potential vulnerabilities within an organization’s

systems while evaluating threats that could exploit these weaknesses. This
process helps prioritize security measures based on potential impacts on
operations.

19. What are some emerging cyber threats facing the banking sector today?

a. Emerging threats include:

i. Advanced Persistent Threats (APTs): Long-term targeted attacks often

conducted by organized groups seeking sensitive information over time.

ii. Supply Chain Attacks: Compromising third-party vendors’ security

measures to infiltrate bank networks indirectly.
For example, recent reports indicate that several Indian banks were
targeted through supply chain vulnerabilities exploited by sophisticated
attackers.
20. How can banks prepare for future cyber threats?

a. Preparation strategies include:

i. Continuous employee training on new threat vectors.

ii. Investing in advanced technologies like AI-based threat detection systems

that adapt over time.

iii. Regularly updating incident response plans based on evolving threat

landscapes.

21. What is Security Information and Event Management (SIEM)?

a. SIEM refers to tools that aggregate security data from various IT infrastructure
sources—servers, networks—and analyze this data for real-time threat detection
purposes. Many Indian banks use SIEM solutions to monitor transactions
continuously for anomalies indicative of fraud or breaches.

22. How do you manage cryptographic keys effectively in a banking environment?

a. Effective key management involves generating strong keys using secure

algorithms; storing keys securely using hardware security modules (HSMs);
rotating keys regularly based on established policies while ensuring proper access
controls are enforced so only authorized personnel have access.

23. Explain the difference between symmetric and asymmetric encryption.

 Symmetric encryption uses the same key for both encryption and decryption
(e.g., AES).
 Asymmetric encryption uses a pair of keys: a public key for encryption and a
private key for decryption (e.g., RSA), enhancing security for data transmission.

24. What are zero-day vulnerabilities, and why are they dangerous?

Zero-day vulnerabilities are unknown security flaws exploited by attackers before

developers release patches. They are dangerous because there is no defense
available at the time of exploitation.

25. What is a man-in-the-middle (MITM) attack?

A MITM attack occurs when an attacker intercepts communication between two

parties without their knowledge to eavesdrop or alter messages.
26. What is a firewall, and how does it protect a network?

A firewall monitors incoming and outgoing network traffic based on

predetermined security rules to block unauthorized access while allowing
legitimate traffic.

27. What are IDS and IPS, and how do they differ?

An IDS (Intrusion Detection System) monitors network traffic for suspicious

activity but does not take action; an IPS (Intrusion Prevention System) actively
blocks or prevents detected threats in real-time.

28. Explain VPNs (Virtual Private Networks) and their role in securing communications.

VPNs create secure encrypted connections over public networks, allowing

remote users to access private networks securely while protecting data from
eavesdropping.

29. Explain how digital signatures work and their importance.

Digital signatures use asymmetric encryption to verify the authenticity of digital

messages or documents by ensuring that they come from a specific sender; they
provide non-repudiation in transactions.

30. What is the difference between SSL and TLS?

SSL (Secure Sockets Layer) is an older protocol for securing internet connections;
TLS (Transport Layer Security) is its successor that offers improved security
features but often referred interchangeably as SSL/TLS.

31. What steps should be taken after a data breach occurs in a bank?

 Steps include:

 Containing the breach by isolating affected systems immediately.

 Assessing the extent of the breach—including what data was

compromised—through forensic analysis.
For instance, after the 2016 debit card breach affecting millions of
customers across several Indian banks, immediate actions included
blocking compromised cards and notifying affected customers promptly.
32. How do you ensure secure data disposal in banking operations?

Secure disposal methods include shredding physical documents containing

sensitive information before disposal; using software tools that overwrite digital
files beyond recovery before disposing of storage devices like hard drives or USB
drives.

33. What challenges does cloud computing present for banking cybersecurity?

Challenges include ensuring data privacy when using shared environments where
multiple clients store their information together; managing access controls
effectively across diverse user bases accessing cloud services from different
locations/devices; maintaining compliance with regulatory standards while
leveraging third-party cloud services which may have varying levels of security
controls.

34. How can banks secure their cloud environments?

Banks should implement robust security measures such as strong identity

management policies that enforce multi-factor authentication; encrypting
sensitive data both at rest (stored) and in transit (during transmission); regularly
auditing cloud configurations for vulnerabilities using automated tools designed
specifically for cloud environments.

35. What role does artificial intelligence play in enhancing cybersecurity measures?

AI enhances cybersecurity by automating threat detection processes through

machine learning algorithms that analyze vast amounts of historical security data
quickly identifying patterns indicative of potential threats while adapting over
time as new types emerge improving overall detection accuracy.

36. Can you describe how machine learning can improve threat detection in banking
systems?

Machine learning algorithms analyze historical transaction patterns within

banking systems; they identify anomalies suggesting fraudulent activities or
potential breaches enabling proactive responses before significant damage
occurs—these algorithms continuously learn from new inputs refining their
predictive capabilities over time.
37. Why is employee training crucial in preventing cyber-attacks within banks?

Employee training raises awareness about potential threats like phishing scams
or social engineering tactics; well-informed employees are less likely victims fall
prey attacks exploiting human error—this proactive approach significantly
reduces overall risk exposure across organizational operations.

38. How do you stay updated with the latest trends in cybersecurity threats?

I stay informed through continuous education via webinars hosted by industry

experts; attending conferences focused on cybersecurity innovations; subscribing
relevant journals/blogs providing timely updates about emerging threats;
participating professional networks like ISACA or (ISC) where members share
insights best practices within community forums.

Or

You can say I Watch Youtube for latest Trends in Cybersecurity.

39. What qualities do you believe are essential for an IT officer working in cybersecurity at
a bank?

Essential qualities include:

i. Strong analytical skills crucial for assessing risks identifying vulnerabilities

effectively mitigating them proactively;

ii. Attention to detail is necessary recognizing subtle indicators potential

breaches before they escalate;

iii. Effective communication skills vital educating staff about best practices
policies ensuring adherence throughout organization;

iv. Adaptability essential staying current evolving cyber threats technologies

developing innovative solutions counteract them successfully navigating
challenges posed rapidly changing landscape cybersecurity today.
Some Scenario based Questions

40. When there would be reporting of the fraudulent transactions, what would you do?

As an IT Officer, I would take the following steps:

1. Immediate Action: Inform the cybersecurity team and fraud management unit to
analyze and track the transaction.
2. Transaction Reversal (if possible): Work with the core banking system to check if the
fraudulent transaction can be reversed.
3. Audit Logs & Forensics: Analyze system logs to identify unauthorized access and possible
vulnerabilities.
4. Customer Communication: Ensure affected customers are notified and guided on the
next steps.
5. Regulatory Reporting: Report the incident to regulatory bodies like CERT-In, RBI, or
NPCI, if required.
6. Preventive Measures: Patch vulnerabilities, enhance fraud detection mechanisms, and
educate customers on security best practices.

41. You know that in the Public Sector banks, the technology is still behind. What areas
will you work on to improve it with limited resources?

To enhance technology in PSBs despite resource constraints, I would work on:

1. Cloud Adoption: Shift non-sensitive banking applications to cost-effective cloud

platforms.
2. Open Source Solutions: Use open-source cybersecurity, database, and banking
solutions to reduce licensing costs.
3. Process Automation: Implement Robotic Process Automation (RPA) for repetitive tasks,
reducing human errors.
4. Cybersecurity Focus: Strengthen security with AI-powered fraud detection, multi-factor
authentication, and endpoint security.
5. Collaboration with Fintech: Partner with fintech startups for technological innovations
at a lower cost.
6. Capacity Building: Train bank employees on new IT trends, cybersecurity, and digital
banking tools to maximize available resources.
 42. If you lost a pendrive that had sensitive information, do you have any provisions to
report it under the IT Act?

Yes, under the Information Technology (IT) Act, 2000, there are provisions to report data
loss incidents:

1. Report to CERT-In: The incident should be reported to the Indian Computer Emergency
Response Team (CERT-In) as per Section 70B of IT Act.

2. Bank’s Incident Response Policy: Notify the bank’s IT security team and Data Protection
Officer (DPO) immediately.

3. Legal Provisions: Under Section 43A of the IT Act, organizations handling sensitive data
must implement reasonable security measures. If negligence leads to data loss, there
could be legal consequences.

4. Mitigation Steps:

o If the pendrive had encryption, the risk is lower.

o If it was unprotected, immediate actions like blocking credentials, revoking

access, and notifying affected stakeholders should be taken.

ALL THE BEST!