Why in News ?

The Reserve Bank of India (RBI) has come out with a document to enhance cybersecurity of urban co-operative banks (UCBs).

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, viz.
  1. Governance Oversight,
  2. Utile Technology Investment,
  3. Appropriate Regulation and Supervision,
  4. Robust Collaboration and Developing necessary IT,
  5. Cybersecurity skill sets.
• The vision document, with its 12 specific action points, aspires to involve more board oversight over cybersecurity.
• Develop a forum for UCBs so that they can share best practices and discuss practical issues and challenges.
• Also to implement a framework for providing awareness/training for all UCBs.
• It enable UCBs to better manage and secure IT assets and implement an offsite supervisory mechanism framework for UCBs on cybersecurity-related controls.

Need for UCBs ?

• The cybersecurity landscape will continue to evolve with wider adoption of digital banking channels, thus necessitating the UCBs to manage the associated risks effectively.
• Active collaboration within UCBs and stakeholders would be necessary for sharing and co-ordinating various measures taken on cyber security aspects.
• Vision document will strengthen the cyber resilience of the Urban Co-operative Banks

Source : The Hindu

Topic

GS III : Challenges to internal security through communication networks, role of media and social networking sites in internal security challenges, basics of cyber security

Current Affairs Compilation : 26 September 2020