RBI asks banks to put in place cyber-security policy
The cyber security policy should be separate from the broader IT policy so that it can highlight the risks from cyber threats.
RBI on Thursday asked banks to immediately put in place a cyber-security policy to tackle internet-based threats to the banking system.
"In view of the low barriers to entry, evolving nature, growing scale/velocity, motivation and resourcefulness of cyber-threats to the banking system, it is essential to enhance the resilience of the banking system by improving the current defences in addressing cyber risks," the Reserve Bank said in a notification.
It further said that the cyber security policy should be separate from the broader IT policy so that it can highlight the risks from cyber threats and the measures to address / mitigate them.
Noting that the use of technology by banks has gained momentum, RBI said the number, frequency and impact of cyber incidents/attacks have increased manifold in the recent past, more so in the case of financial sector.
This underlines the urgent need to put in place a robust cyber security/resilience framework at banks and ensure adequate cyber-security preparedness among banks on a continuous basis, it said.
The central bank said a Cyber Crisis Management Plan (CCMP) should be immediately evolved and should be part of the overall Board approved strategy. "CCMP should address the following four aspects - detection, response, recovery and containment," RBI said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
08:00 PM IST