New Delhi, Nov. 4 -- As cyber threats grow more sophisticated, India is looking to strengthen the digital safeguards protecting sensitive banking information and transactions. The Bureau of Indian Standards (BIS) plans to update the rules for protecting, storing and transferring encryption keys in line with the latest international norms, said two government officials in the know.

To be sure, encryption keys are digital codes that protect sensitive banking data and boost secure transactions.

The government's plan comes against the backdrop of growing concerns over financial data security, including the cybersecurity risks highlighted by Mythos and the suspected exposure of State Bank of India (SBI) customer records on the dark web.

The...