Detailed guidelines are issued by RBI (Reserve Bank Of India ) regarding the cyber security framework for banks to implement a cyber security policy and to manage the risk. The RBI Guidelines for Cyber Security Framework in India is issued to empower banks to develop, implement, and manage a robust cyber defense. Cyber security is crucial for banks because most of their transactions are online. It includes the implementation of various cyber security policies. One of the main responsibilities of the top-level management involves implementation of the cyber security policy that has been approved by RBI.
The Reserve Bank of India has provided clear guidelines for banks to implement controls and secure confidential data such as inventory management of the business, unauthorized access should be prevented, controls should be implemented for storage devices such as pen drives and hard disks, network management, audit logs, secure mail and messages. The information should be kept secure 24/7. RBI Cyber Security Compliance in India ensures that the threats to cybersecurity are addressed in a well-defined manner and an emergency plan is kept ready to recover the data. Monitoring should be done continuously, utilizing the top-notch tools and skilled cyber security experts to ensure that the data regarding bank transactions and activities does not reach the wrong hands. Measures need to be taken to conduct continuous surveillance. IT Security Compliance Audit as per Reserve Bank of India requires banks to conduct periodic vulnerability assessment and penetration tests. Banks should also develop and implement a comprehensive data loss/ data leakage prevention techniques to secure the confidential information of the customers
Gap assessment is an important aspect of RBI Cyber Security in India to get information regarding the current cyber security practices and corrective measures that need to be taken. A robust password policy should be kept in place. Any kind of data breach should be immediately reported to the Reserve Bank of India (RBI). A Risk-Based Internal Audit (RBIA) Framework is issued by RBI to establish control and mitigate the risks identified in the audit. The RBI guidelines for information systems audit in India ensure a structured methodology is followed and all the long-term planning is taken into consideration. RBI guidelines on management audit in India give information to evaluate various risks and threats such as operational risk, reputational risk, legal risk, credit risk, liquidity risk, interest rate risk, and foreign exchange risk. Compliance with various statutory guidelines, legal and regulatory guidelines needs to be thoroughly evaluated in the audit. The collection, storage, and processing of the data should be done systematically. The organization’s structure, roles, and responsibilities need to be well defined. Information security audit identifies stakeholders and defines their roles, responsibilities, and competencies required to support the information security audit function adequately. Banks should provide periodic training to all the employees regarding the necessary measures to be taken to secure the important data. Latest technology must be adopted to tackle the threats efficiently.
With the advancement in technology banking activities such as debit card and credit card transaction , ATM , net banking ,mobile banking cyber fraud has also increased. All the precautionary measures must be kept up to date for secured banking activities such as database management, accounting and finance management.
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