The Reserve Bank of India (RBI) has come out with a document to enhance cybersecurity of urban co-operative banks (UCBs).
The ‘Technology Vision for Cyber Security for Urban Co-operatve Banks (UCBs) 2020-2023’ has been formalised based on inputs from various stakeholders.
It plans to achieve its objective through a five-pillared strategic approach GUARD, viz. Governance Oversight, Utile Technology Investment, Appropriate Regulation and Supervision, Robust Collaboration and Developing necessary IT, cybersecurity skill sets.
With concerted efforts and involvement of all stake holders, the vision document, with its 12 specific action points, aspires to involve more board oversight over cybersecurity; enable UCBs to better manage and secure IT assets; implement an offsite supervisory mechanism framework for UCBs on cybersecurity-related controls; develop a forum for UCBs so that they can share best practices and discuss practical issues and challenges; and implement a framework for providing awareness/training for all UCBs, the RBI said.
“The cybersecurity landscape will continue to evolve with wider adoption of digital banking channels, thus necessitating the UCBs to manage the associated risks effectively. Active collaboration within UCBs and stakeholders would be necessary for sharing and co-ordinating various measures taken on cyber security aspects,” it said.
The implementation of the approach outlined in this vision document will strengthen the cyber resilience of the Urban Co-operative Banks, it added.