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RBI fines YES Bank for failing to report cyber security attack on its ATM network

The Reserve Bank of India (RBI) has imposed a fine of Rs 6 crore on YES Bank for failing to report a cyber security breach of its ATM network, and for breaching its rules regarding Income Recognition Asset Classification (IRAC). Regarding the security breach, RBI said that: A cyber-security incident involving ATMs of the bank was also not reported by the bank within the prescribed timeframe. Based on the inspection report and other relevant documents, a Notice was issued to the bank dated July 6, 2017, followed by a supplementary notice dated August 24, 2017, advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by RBI. After considering the bank’s replies, oral submissions made in the personal hearings, as also the additional information and documents furnished, RBI came to the conclusion that…

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