RBI Cyber Security Framework For Banks -

Overview

Introducing the RBI Cyber Security Framework of December 2019 is intended to encourage UCBs (Non-Scheduled and Scheduled banks) and other regulated financial entities to strengthen their foundational cyber security and resilience with a tiered approach. UCBs are classified into levels I-IV based on digital adoption, integration with payment systems, cyber risk assessments, and third-party risks. This enables customized implementation of security measures that align with the specific requirements and risk profiles of each UCB.

Banks must implement a strong cyber threat defense designed to protect customer data, financial transactions, and infrastructure by the RBI Cyber Security Framework. Regular checks for risks, setting up Security Operations Centers (SOCs) for round-the-clock monitoring, employing multi-step authentication techniques, encrypting information, and reporting incidents immediately are some important steps. In this light, it also highlights how senior leaders have a key role in building trust, reducing threats, and preserving integrity within today’s digital world’s financial systems.

Methodology

Risk-based approaches are embedded in the RBI Cyber Security Framework for Banks to fortify cyber security measures. This includes guidelines that show how banks can assess, monitor, and manage cyber risks effectively. Major methodologies include conducting regular risk assessment exercises, ensuring robust security controls, and adhering to regulatory standards. Moreover, the banks must establish dedicated SOCs for real-time detection and response to cyber-attacks and other threats. Thus, it is intended to support a proactive approach to cybersecurity that advocates continuous improvement or adjustment for new challenges. By using these methods, banks can maintain their resilience against any prospective attacks, safeguarding the interests of shareholders and customers. In addition, frameworks undergo audits across specific domains tailored at the Level of each UCB, with individual applicability being essential and compliance with regulatory prerequisites.

Major Regulations

Level I Compliance

Begin your journey to enhanced cyber security with Level I controls outlined in Annex I, a comprehensive checklist to start your compliance process. Foundational measures include implementing a bank-specific email domain with DMARC controls and adopting two-factor authentication for Core Banking Solutions (CBS).

Level II Compliance

Elevate to advanced security with Level II controls. Essential for UCBs involved in Centralised Payment Systems, internet or mobile banking, Level II compliance encompasses additional measures like Data Loss Prevention Strategy, Anti-Phishing measures, and thorough Vulnerability Assessment and Penetration Testing (VA/PT) for critical applications.

Level III & Level IV Compliance

Reach the pinnacle of security framework with Level III and Level IV controls. Suitable for UCBs managing their ATM switch, operating SWIFT interfaces, or hosting data centers, these levels include advanced defenses such as real-time threat detection, risk-based transaction monitoring, and a structured Cyber Security Operation Center (C-SOC). This ensures robust protection against cyber threats.

Our Approach.

Risk-Based Strategy

Comprehensive Security Controls

Continuous Monitoring

Employee Awareness & Training

Regulatory Compliance

Incident Response Planning

Risk-Based Strategy

Comprehensive Security Controls

Continuous Monitoring

Employee Awareness & Training

Regulatory Compliance

Incident Response Planning

Understanding and Applying the RBI Circular on Cyber Security Framework in Banks

The first stage in creating a secure banking environment is understanding the essence of RBI’s circular on cyber security framework. This circular provides intricate guidance about security controls at each level, thereby guiding UCBs toward compliance.

To begin with, you must familiarize yourself with the RBI cyber security framework checklist before embarking on your journey for compliance. We are here to provide you with assistance at every step of compliance, hence facilitating a smooth transition towards a stronger cyber security stance.