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.
- Governance Oversight,
- Utile Technology Investment,
- Appropriate Regulation and Supervision,
- Robust Collaboration and Developing necessary IT,
- 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