from cyber threats. iii. thirdly, to the extent feasible as per domestic laws, countries can share information and intelligence about cyber threats and attacks. this can help to identify emerging threats and vulnerabilities and enable financial institutions take proactive measures to prevent attacks. iv. fourthly, countries can work together to develop and implement incident response plans. this can help to ensure that in the event of a cyber - attack, there is a coordinated and effective response that minimizes the impact on the financial sector. v. fifthly, cyber - attacks should become more expensive and riskier for the perpetrators through effective measures to confiscate proceeds of crime and prosecute criminals. stepping up international efforts to prevent, disrupt and deter attackers would reduce the threat at its source. vi. finally, countries can collaborate on capacity building and training programs to ensure that financial institutions have the necessary skills and resources to manage cyber risks effectively. this can include training on cybersecurity best practices, incident response planning, and the use of advanced technologies to detect and prevent cyber - attacks. 4 / 5 bis - central bankers'speeches conclusion 23. let me now conclude. with growing interconnections across the world, curbing cyber risk requires an international effort. it is expected that the g20 forum would complement the efforts of various international bodies towards building an approach for helping financial sector through capacity development initiatives aimed at designing and implementing international standards and best practices as a priority. 24. i request all to participate actively in the upcoming cyber security exercise that will be held today. together, we can make the financial sector more secure and trustworthy. thank you 5 / 5 bis - central bankers'speeches

a channel for the fintech and start - up sector to showcase innovations. 18. the supportive regulatory environment, with its focus on safety, speed and scalability has positioned india as a leader in payment system innovation. illustratively, upi, india's instant payment system, launched in 2016, has witnessed remarkable growth in india with daily transactions averaging over 300 million in volume and 480 billion in value during may 2023. recently, india and singapore tied up their upi and pay now systems allowing for real time cross border money transfers between the two countries. indeed, there is immense potential for use of upi globally through partnership and collaboration with other countries. 19. the rbi is also continuously trying to strengthen its supervisory oversight over cyber risks. simulated phishing, cyber reconnaissance and other cyber exercises complement supervisory processes in getting a systemic view of the prevailing cyber risks. rbi has also encouraged development of innovative tools like the sectoral security operations centre ( s - soc ) which can help address the cyber risk of the banking and financial sector in a major way. 3 / 5 bis - central bankers'speeches 20. though cyber risks are said to outpace regulations, the reserve bank of india has been proactively taking measures to strengthen it and cyber risk management in its regulated entities. as early as 2011, detailed guidelines for managing it risks were issued to the banks, followed by a principles - based cyber security framework in 2016. regulations have also been issued on digital payment security controls and on outsourcing of it services. rbi has also published draft guidelines on it governance which shall be finalised and issued shortly. need for collective effort 21. considering the global nature of cyber threats, efforts by governments, financial entities, and technological companies are insufficient to protect against them. cyber threats transcend geographical boundaries, making it necessary for countries and financial institutions to work together to address them. 22. i would like to outline six strategies that would help improve the global cyber security environment : i. firstly, the global financial system's interdependencies need to be better understood by mapping key operational and technological interconnections, including that of critical infrastructure. better incorporation of cyber risk into financial stability analysis will improve the ability to understand and mitigate system - wide risk. ii. secondly, a minimum common framework for cybersecurity needs to be devised that outlines best practices and standards for financial institutions to follow. this can help ensure that all institutions are taking the necessary steps to protect themselves