New Delhi, July 29 (IANS) At a time when cyber attacks are growing and cyber criminals are targeting organisations, there must be no compromise when it comes to security, Union Minister of State for Home Kiran Rijiju said on Friday.

The Union Home Ministry is always open to incorporate ideas and suggestions from various stakeholders, he said while inaugurating the ninth annual summit on Cyber and Network Security here.

"We have become modern now. Earlier recruitment in terrorist organisations was difficult. Technology has made this process easier. The cyber war is real and we have to understand that we are into it. We are bound to face more challenges but we are begeninning to get prepared for it."

The Ministry of Electronics and IT and apex industry lobby Assocham on Friday jointly held the summit "Cyber 3.0-Bridging people, process and technology" which saw participation of dignitaries and representatives from different countries.

Rijiju raised the issues of threats of the cyber world, the security measures in place and discussed what needs to be done to minimise the effects of cyber crimes.

Minister of State for Electronics and IT P.P. Chaudhary said that as the country is learning new ways in cyber technology, it has also become prone to more online dangers.

"We are not addressing the problems of cyber-related crimes. The impact of cybercrime is more than that of a nuclear weapon. We need to address the problems with respect to cybercrimes effectively and it can crush the economy of the world," he said in his address.

The day-long event also saw sessions on emerging technologies in cyber and mobile security, India's response to cyber attacks and protection of critical infrastructure of the country.

Addressing the conference, Reserve Bank Deputy Governor R.Gandhi said banks need to put in place appropriate cyber security measures.

"It is pertinent to prepare ourselves to face such incidents, by having a robust crisis management plan. I am sure the banks are taking earnest steps to comply with the provisions of our circular as soon as possible.

"While the Reserve Bank obtains information from banks on cyber incidents, including those which did not fructify into loss of money or information, such information is also shared amongst the banks along with suggestions aimed at best practices," he said.

"While the banks have better resilience in terms of risk mitigation structures and ability to absorb the losses and expenses, the customers may not be so privileged," he added.