The Reserve Bank on Thursday came out with a five-pillared strategic approach ‘GUARD’ to deal with cybersecurity threats being faced by urban cooperative banks.
The number, frequency and impact of cyber incidents and attacks have increased manifold in the recent past, more so in the case of the financial sector, including UCBs, RBI said in its document ‘technology vision for cybersecurity for urban cooperative banks 2020-2023’.
It has, therefore, become essential to enhance the security posture of UCBs to prevent, detect, respond to and recover from cyber-attacks, the central bank said.
The five-pillared strategic approach ‘GUARD’ comprises governance oversight, utile technology investment, appropriate regulation and supervision, robust collaboration and developing necessary IT and cybersecurity skills set.
The technology vision document, which was formalised after obtaining inputs from…