In a race to adopt technology innovations, Banks have increased their exposure to cyber incidents/ attacks thereby underlining the urgent need to put in place a robust cyber security and resilience framework.
The Reserve Bank of India has provided guidelines on Cyber Security Framework vide circular DBS. CO/CSITE/BC.11/33.01.001/2015-16 dated June 2, 2016, where it has highlighted the urgent need to put in place a robust cyber security/resilience framework to ensure adequate cyber-security preparedness among banks on a continuous basis.
The RBI Guidelines related to Cyber Security framework will enable banks to formalize and adopt cyber security policy and cyber crisis management plan. The requirement to share information on cyber security incidents with RBI will also help structure proactive threat identification and mitigation.
Did you know?
Financial services companies are most vulnerable to cyber-attacks
- The financial services industry topped the list of 26 different industries that cyber criminals most targeted.
- Financial services remain the industry most susceptible to malicious email traffickers, as consumers are seven times more likely to be the victim of an attack originating from a spoofed email with a bank brand versus one from any other industry.