  With the advent of e-commerce and online banking it has become extremely
important that the websites of the financial institutes (especially, banks)
implement up-to-date measures of cyber security (in accordance with the
recommendations of the regulatory authority) and thus circumvent the
possibilities of financial frauds that may occur due to vulnerabilities of the
website. Here, we systematically investigate whether Indian banks are following
the above requirement. To perform the investigation, recommendations of Reserve
Bank of India (RBI), National Institute of Standards and Technology (NIST),
European Union Agency for Network and Information Security (ENISA) and Internet
Engineering Task Force (IETF) are considered as the benchmarks. Further, the
validity and quality of the security certificates of various Indian banks have
been tested with the help of a set of tools (e.g., SSL Certificate Checker
provided by Digicert and SSL server test provided by SSL Labs). The analysis
performed by using these tools and a comparison with the benchmarks, have
revealed that the security measures taken by a set of Indian banks are not
up-to-date and are vulnerable under some known attacks.
