The Reserve Bank of India (RBI) will implement the “Technology Vision for Cyber Security’ for Urban Co-operative Banks (2020-2023) to reinforce the IT safety system of Urban Co-operative banking to forestall, detect, reply to and recuperate from cyber-attacks.
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The Technology Vision Document goals at enhancing the cybersecurity posture of the Urban Co-operative banking sector towards evolving IT and cyber risk surroundings. RBI will obtain this goal utilizing its five-pillared strategic method ‘GUARD’. GUARD denotes:
G – Governance Oversight,
U – Utile Technology Investment,
A – Appropriate Regulation and Supervision,
R – Robust Collaboration
D – Developing mandatory IT, cybersecurity expertise set.
To accomplish the 5 pillared method, RBI has established 12 particular motion factors spires to:
- Involve extra Board Oversight over Cybersecurity.
- Enable UCBs to higher handle and safe their IT Assets.
- Implement an offsite supervisory mechanism framework for UCBs on cybersecurity-related controls.
- Develop a discussion board for UCBs in order that they'll share finest practices and focus on sensible points and challenges.
- Implement a framework for offering consciousness/ coaching for all UCBs.
The cybersecurity panorama will proceed to evolve with the broader adoption of digital banking channels, thus necessitating the UCBs to handle the related dangers successfully. Active collaboration inside UCBs and their stakeholders can be mandatory for sharing and coordinating numerous measures taken on cybersecurity elements. The implementation of this Technology Vision doc will strengthen the cyber resilience of the Urban Co-operative Banks.
Important takeaways for all aggressive exams:
- RBI twenty fifth Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.