Cybersecurity of UCBs
#GS3 #Technology #Security
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 Cooperatve 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 document also says that 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 coordinating various measures taken on cyber security aspects.