Cyber Security Vision Framework for Urban Cooperative Banks Released
The Reserve Bank of India released Cyber Security Vision Framework under the title ‘Technology Vision for Cyber Security’ for Urban Co-operative Banks (UCBs) – 2020-2023 on September 25, 2020. The central bank referred to four guiding principles in order to formulate the framework because of the heterogeneity of UCBs in India in terms of regions, size, digital depth and financial health.
Cyber Security Vision Framework
The framework is aimed at achieving its objectives through five pillared strategic approach as stated below:
- Governance Oversight- Under this, RBI board will over view the implemented cyber security measures. It will also create IT Vision Documents based on the progress and gaps.
- Utile Technology Investment- Under this, funds would be created for cyber security projects. Funds will later be utilised to manage business IT Assets and banking service availability.
- Appropriate Regulation and supervision- It will create a supervisory reporting framework. Further, to implement the secure practices, appropriate guidance will be provided under the regulation.
- Robust Collaboration- This is a forum to discuss practical issues, challenges and to share best practices. Cloud services will be adopted to implement the framework successfully.
- Developing IT and Cybersecurity Skills Set- Under this, technical skills will be provided to the UCBs in order for them to manage their own IT and cyber security infrastructure.
Today, technology is becoming the key driver of banking sector. All the UCBs are in the middle of the technological advancement and adoption. This ranges from ATMs, mobile banking to internet banking. Thus, it is essential for the UCBs to adopt cyber security measures in order to safeguard their transactions and also boost technical skills.
Urban Co-operative Banks (UCBs)
The term Urban Co-operative Banks has not been formally defined. But, it refers to the primary cooperative banks located in urban and semi-urban areas. These banks were earlier allowed to lend money only for non-agricultural purposes. But now they can lend to anyone. They traditionally operated around communities, localities work place groups and lent to small borrowers and businesses. But, now their scope of operations have been widened.