PR | RBI | Cybersecurity | Clari5 | CustomerXPs


RBI’s recent detailed 33 page circular to Indian banks emphasizes how the volume, frequency and impact of cyber incidents / attacks have escalated in the recent past, underlining the urgent need for banks to put in place a robust cyber security/resilience framework; and to ensure adequate cyber-security preparedness on a continuous basis.

This development demands that banks go beyond regulatory compliance to evaluate and implement a proven solution that effectively addresses current and future cyber threats.


THE NEED FOR IMMEDIATE ACTION

RBI had earlier provided guidelines to banks on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds, wherein the regulator indicated that the measures suggested for implementation cannot be static and banks need to pro-actively create/fine-tune/modify their policies, procedures and technologies based on new developments and emerging concerns.

RBI’s recent directive on 2 June 2016, states that given the low entry barriers, evolving nature, growing scale/velocity, motivation and resourcefulness of cyber-threats to banks, it is essential to enhance the resilience of the banking system by improving the current defenses in addressing cyber risks.

These would include, but not limited to, implementing an adaptive Incident Response, Management & Recovery framework to deal with adverse incidents/disruptions, if and when they occur.

KEY HIGHLIGHTS OF RBI’S COMMUNICATION TO BANKS

  • Need for a Board approved Cyber-security Policy
  • Cyber Security Policy to be distinct from the broader IT policy / IS Security Policy of a bank
  • Arrangement for continuous surveillance
  • IT architecture should be conducive to security
  • Comprehensively address network and database security
  • Ensuring Protection of customer information
  • Cyber Crisis Management Plan
  • Cyber security preparedness indicators
  • Sharing of information on cyber-security incidents with RBI
  • Supervisory Reporting framework
  • An immediate assessment of gaps in preparedness to be reported to RBI
  • Organizational arrangements
  • Cyber-security awareness among stakeholders / Top Management / Board

Read the complete RBI circular
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Today, Clari5 is revolutionizing Fraud Management in marquee Indian banks by harnessing the power of extreme real-time intelligence.

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HOW CAN CLARI5 HELP YOUR BANK ACCELERATE COMPLIANCE WITH RBI’S GUIDELINES WITHIN THE SHORT TIMEFRAME?