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RBI releases document on UCBs’ cybersecurity
Why is it in news?
- The Reserve Bank of India (RBI) has come out with a document to enhance cybersecurity of urban co-operative banks (UCBs).
- Active collaboration within UCBs and stakeholders would be necessary for sharing and co-ordinating various measures taken on cyber security aspects.
Technology Vision for Cyber Security for Urban Co-operatve Banks (UCBs) 2020-2023:
- It plans to achieve its objective through a five-pillared strategic approach GUARD:
(1) Governance Oversight
(2) Utile Technology Investment
(3) Appropriate Regulation and Supervision
(4) Robust Collaboration
(5) Developing necessary IT, cybersecurity skill sets.
Significance of the vision document:
- It spires 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
- Implement a framework for providing awareness/training for all UCBs.