The first unified guideline towards consolidating cyber governance in the financial sector in India was the RBI cyber security framework in Banks, which was published in June 2016. It has established the basis of systemic cyber resilience and every regulated financial institution should have solid, board approved prevention, detection and response mechanisms. Knowing the RBI cyber security framework checklist helps a great deal.
The RBI cyber security framework outlines expectations around:
- Developing a cyber risk management board to be in charge and accountable.
- Developing an integrated IT and cyber security RBI-favored policy that is business relevant.
- Preventing any uninterrupted surveillance of systems and critical assets via a Security Operations Centre (SOC).
- The reporting of all the incidents to the Cyber Security and Information Technology Examination (CSITE) cell of RBI as soon as possible.
Performing periodic Vulnerability Assessment and Penetration Tests (VAPT) to test technical capabilities of defence.
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