The Reserve Bank of India (RBI) on Thursday put forward a five-point strategic approach 'Guard' to tackle the cybersecurity threats facing the Urban Co-operative Banks (UCBs). The Reserve Bank in its document 'Technical Approach to Cyber Security of Urban Cooperative Banks 2020-23' said that the number, frequency, and impact of cyber incidents and attacks has increased manifold in recent times. These have grown significantly in terms of the financial sector including UCB.
He said, therefore, it has become that the cybersecurity of UCB should be broadened to protect against cyberattacks, their identity, response, and to overcome them.
The Reserve Bank's five-pillar strategic approach 'Guard' includes governance oversight, utile technology investment, appropriate regulation and supervision, strong support, and developing IT and cybersecurity skills.
The RBI stated that the Technology Approach document has been formalized after receiving views from various stakeholders. It aims to enhance the cybersecurity capability of UCBs. The 12 specific action points suggested in the document include 'greater oversight of the board on cybersecurity, enabling UCBs to better manage and secure IT resources, establishing offsite supervisory mechanism framework on cybersecurity-related controls'.
It also includes developing a platform for UCBs to help them share best practices and discuss practical issues and challenges. RBI said, "The implementation of the steps outlined in this Technology Approach document will strengthen the cybersecurity of UCBs." RBI said that active cooperation between UCBs and their stakeholders is necessary to share various measures taken on cyberspace and Will be for coordination. He said that the use of information technology by banks has increased rapidly and is now an important part of the operational strategy of banks.