The Reserve Bank of India (RBI) has issued a critical advisory to scheduled commercial banks, highlighting the escalating threat landscape of cyberattacks targeting the financial sector. In a directive from the Department of Banking Supervision, the RBI stresses the imperative for robust cybersecurity measures in light of increasing digital vulnerabilities.
At the core of the RBI’s advisory is the emphasis on comprehensive IT Governance across banking institutions. This involves defining clear roles and responsibilities within the Board of Directors and Executive Management to ensure effective oversight of cybersecurity strategies. The RBI underscores the adoption of international standards such as COBIT to align IT practices with business objectives, thereby enhancing operational resilience against cyber threats.
Recognizing the pervasive use of technology in banking operations, the advisory underscores the critical need to safeguard core banking solutions and alternative delivery channels such as internet and mobile banking. It advises banks to segregate information security functions from IT operations and conduct regular, thorough risk assessments to proactively identify and mitigate vulnerabilities.
In conclusion, the RBI’s proactive advisory aims to fortify the resilience of the banking sector against emerging cyber threats. By adhering to stringent IT Governance and robust security frameworks, banks can fortify their defenses, safeguard customer data, and uphold the trust and stability of the financial ecosystem. The RBI remains vigilant in monitoring cybersecurity developments and urges banks to adopt proactive measures to safeguard their digital infrastructure and maintain confidence in financial services.
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