Why in news
What the PM said:
Cyber threats are changing, and outdated systems, old training methods and obsolete tools cannot meet them.
India needs both modern infrastructure and a skilled cyber workforce, which the new institute is meant to build.
Odisha is moving from a mineral-based economy towards micro-chip manufacturing.
Why banks are a target:
Digital payments (UPI, cards, net banking) mean money now moves through networks that can be attacked.
A successful attack can freeze payments, leak customer data and shake trust in the financial system.
Training people is as important as hardware, because many breaches start with human error such as phishing.
Mains angle
Financial cyber resilience is now part of national security. Gaps include a shortage of trained cyber professionals, legacy IT in smaller banks and cooperative banks, and dependence on foreign hardware and software. Priorities:
A dedicated cyber workforce pipeline for the financial sector.
Regular audits and stress tests of bank IT systems.
Real-time information sharing between RBI, CERT-In and banks.
Customer awareness against digital-arrest and phishing frauds.
