The Reserve Bank of India (RBI) will implement the “Technology Vision for Cyber Security’ for Urban Co-operative Banks (2020-2023) to enhance the IT security system of Urban Co-operative banking to prevent, detect, respond to and recover from cyber-attacks.
The Technology Vision Document aims at enhancing the cybersecurity posture of the Urban Co-operative banking sector against evolving IT and cyber threat environment. RBI will achieve this objective using its five-pillared strategic approach ‘GUARD’. GUARD denotes:
G – Governance Oversight,
U – Utile Technology Investment,
A – Appropriate Regulation and Supervision,
R – Robust Collaboration
D – Developing necessary IT, cybersecurity skills set.
To accomplish the five pillared approach, RBI has established 12 specific action points spires to:
- Involve more Board Oversight over Cybersecurity.
- Enable UCBs to better manage and secure their 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.
- Implement a framework for providing awareness/ training for all UCBs.
The cybersecurity landscape will continue to evolve with the wider adoption of digital banking channels, thus necessitating the UCBs to manage the associated risks effectively. Active collaboration within UCBs and their stakeholders would be necessary for sharing and coordinating various measures taken on cybersecurity aspects. The implementation of this Technology Vision document will strengthen the cyber resilience of the Urban Co-operative Banks.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.