Navi Mumbai: The Maharashtra State Co-operative Bank (MSC Bank) has launched a state-of-the-art Cyber Security Operation Center (C-SOC) at its administrative headquarters in Vashi, becoming the first co-operative bank in the country to take such an initiative. The center aims to monitor cyber threats targeting co-operative banks affiliated with MSC Bank and issue timely alerts, all free of cost.
The Rs 50 crore facility, named Sahakar Suraksha, is designed to strengthen the cyber security framework of the co-operative banking ecosystem in India. The center will be inaugurated on Friday at 10:30 AM by Deputy Chief Minister Ajit Pawar, in the presence of Co-operation Minister Babasaheb Patil, Minister of State for Co-operation Pankaj Bhoyar, and other dignitaries, said MSC Bank Chairman Vidhyadhar Anaskar.
MSC Bank’s new AI-driven Cyber Security Operations Center ‘Sahakar Suraksha’ launched in Vashi | Photo Credits: Farooq Sayed
Highlighting the urgency behind this move, Anaskar noted that increasing cyberattacks and a recent Supreme Court ruling on the safety of customers’ funds have underscored the need for proactive digital security measures in the banking sector.
"We recently alertes a cooperative bank in Sindhudurg about a cyber attack they were facing and money in the bank was secured at the right time," he added.
The C-SOC will provide continuous 24x7 monitoring of the IT systems of participating co-operative banks. It will detect both known and emerging cyber threats through an Artificial Intelligence-based platform and issue real-time alerts to prevent damage. In addition to surveillance, the center will also evaluate each bank’s cyber security posture and offer strategic guidance.
MSC Bank’s new AI-driven Cyber Security Operations Center ‘Sahakar Suraksha’ launched in Vashi | Photo Credits: Farooq Sayed
At present, the center is staffed with 35 technical experts from MSC Bank, working in shifts to ensure uninterrupted operation. The bank plans to expand capacity based on the future needs of the co-operative sector. It also intends to run cyber security training programs for member banks to raise awareness and preparedness.
Significantly, MSC Bank has chosen to offer the center’s services at no cost, reaffirming its commitment to the co-operative principle of mutual support. Anaskar added that this initiative is a forward-looking step in the digital and AI-driven era and is expected to serve as a model for other institutions in the sector.
