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).

 

Details 

  • 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.
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