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
Read the complete RBI circular
- 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
A READY-TO-DEPLOY SOLUTION THAT ALIGNS WITH RBI’S VISION
CustomerXPs' Clari5 Enterprise Financial Crime Management (EFCM) solution is designed to meet all fraud detection, investigation, prevention, monitoring compliance and audit requirements of banks.
Clari5 combats sophisticated fraud and money laundering with real-time, actionable insights. It monitors suspicious activities in real-time, and takes the right decision at the right time, as opposed to end-of-day reporting and analysis.
A highly-scalable enterprise fraud and compliance solution with a capability for enterprise-wide deployment, Clari5 uses advanced statistical and analytical techniques to identify patterns of unusual and suspicious behaviours hidden deep within a bank’s data and provides a single view of customers and their known associates across the bank’s entire portfolio of products and brands.
Clari5's differentiated approach deploys a 'central nervous system' that stops fraudulent transactions with real-time, actionable insights.
Today, Clari5 is revolutionizing Fraud Management in marquee Indian banks by harnessing the power of extreme real-time intelligence.
Clari5 is engineered by CustomerXPs - an enterprise software product company offering Enterprise Financial Crime Management, Anti-money Laundering and Customer Experience Management products for Tier-1 global banks.