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RBI lays down new tier-wise cybersecurity tips; says ‘one size fits all’ method not appropriate

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RBI stated that it has turn into important to reinforce the safety posture of UCBs to forestall, detect, reply to, and get better from cyber-attacks.

The Reserve Bank of India immediately laid down a set of latest cybersecurity tips for city cooperative banks, within the wake of a rising variety of cyberattacks within the current previous. RBI stated that it has turn into important to reinforce the safety posture of UCBs to forestall, detect, reply to, and get better from cyber-attacks. The central financial institution additional stated that contemplating the heterogeneity of the UCB sector by way of dimension, areas, monetary well being, and digital depth, it was recognised {that a} ‘one size fits all’ method is probably not appropriate whereas prescribing cybersecurity tips for UCBs.

New tips for UCBs

Based on danger publicity by way of the digital providers provided by the UCBs, a differentiated tier-wise method can be adopted whereas prescribing cybersecurity controls for UCBs. The Reserve banks stated that the method will make sure that the UCBs with excessive IT penetration and providing all fee providers are introduced at par with different banks having mature cybersecurity infrastructure and practices. The Board of the UCBs may have the accountability to implement the cybersecurity controls.

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However, the price of enhanced safety might also attain to the financial institution prospects. Considering that implementation of the cybersecurity framework can be a cost-intensive course of, the accountability for implementation, monitoring, compliance, and the response must be assigned from the Board degree and percolate down until the end-user, RBI added. 

RBI’s ‘Vision for Cyber Security’ for UCBs – 2023 features a five-pillared strategic method, that are Governance Oversight; Utile Technology Investment; Appropriate Regulation and Supervision; Robust Collaboration; and Developing needed IT, cybersecurity expertise set. Meanwhile, for the UCBs with larger digital depth, the IT/IS Governance Framework would come with appointing a Chief Information Security Officer (CISO) and organising numerous committees comparable to IT Strategy Committee, IT Steering Committee, and many others.

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