The Reserve Bank today came out with a five-pillared strategic approach ‘GUARD’ to deal with cyber security threats being faced by Urban Cooperative Banks (UCBs).
The RBI said in its document ‘Technology Vision for Cyber Security for Urban Cooperative Banks 2020-2023’ that the number, frequency and impact of cyber incidents and attacks have increased manifold in the recent past, more so in the case of the financial sector, including UCBs.
Therefore, it has become essential to enhance the security posture of UCBs to prevent, detect, respond to and recover from cyber-attacks.
According to the central bank, the technology vision document, which was formalised after obtaining inputs from various stakeholders, is aimed at enhancing the cybersecurity posture of UCBs against evolving IT and cyber threat environment.
Observing that the cybersecurity landscape will continue to evolve with wider adoption of digital banking channels, necessitating the UCBs to manage the associated risks effectively, the RBI said that the active collaboration within UCBs and their stakeholders would be necessary for sharing and coordinating various measures taken on cybersecurity aspects.