The Reserve Bank on September 24, 2020 came out with the ‘Technology Vision for Cyber Security for Urban Co-operatve Banks (UCBs) 2020-2023.
- It is based on a five-pillared strategic approach ‘called GUARD’.
- The five pillars are: Governance Oversight, Utile Technology Investment, Appropriate Regulation and Supervision, Robust Collaboration and Developing necessary IT, cybersecurity skill sets.
- It is a 12 specific action points, aspires to involve more board oversight over cybersecurity; enable UCBs to better manage and secure IT assets; implement an offsite supervisory mechanism framework for UCBs on cybersecurity-related controls; develop a forum for UCBs so that they can share best practices and discuss practical issues and challenges; and implement a framework for providing awareness/training for all UCB.
Source: The Hindu and AIR
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