In June 2016, the Reserve Bank of India (RBI) sent to CEOs of Indian banks an important circular, the Cyber Security Framework in Banks. The document states that banks have an urgent need to put in place a robust cybersecurity/resilience framework and ensure adequate cybersecurity preparedness on a continual basis. Issuing cybersecurity guidance is not new for RBI, which issued a similar document in 2011. However, this particular document is timely and essential. Information technology (IT) is now part of banks’ operational strategies, essential for both them and their customers.
At the same time, as RBI points out, the number, frequency, and impact of cyber incidents on Indian banks has increased substantially. Like their peers globally, Indian banks are committed to maintaining customer trust, protecting financial assets, and preserving their own brand and reputation as the industry will remain a top target of cybercriminals using increasingly sophisticated methods. Thus, it is urgent that banks continue to improve their cyber defenses.
The RBI guidance consists of the overall/introductory framework and guidance and three annexes For the full article click here
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