Overview
Methodology
The audit of the Cyber Security Framework for Banks is based on certain audit domains that are further divided in line with the particular Level of the concerned UCB. These include Levels 1, 2, 3, and 4 and they define the relevance of each domain. The audit domains include different areas of cybersecurity relevant to the bank’s tier, namely digital take-on, payment systems’ incorporation, cybersecurity risks, and third parties’ risks. This approach helps to maintain the adequate correlation between the protective measures and the audit compliance with the profiles of security risks as well as organizational features of the specific UCBs, thus improving the general level of cyber security and protection.
Major Regulations
Framework in Banks
This circular was published in 2015 and is the general starting point of cyber security regulation in banks as it defines basic measures and procedures. It underlines the importance of possessing a sound policy in cyber security, constant threat identification and, most importantly, the preparedness of strategies to counter those threats to protect banking functions.
Framework for Primary
The circular issued by the RBI in 2018 provides a more detailed and clear cyber security framework to address the unique threat for Urban Cooperative Banks. These are risk assessment and management, information protection, and system configuration, with the objective of improving the security status of UCBs. Most of the framework entails carrying out regular security scans and installing the relevant controls to cover vital financial information.
A Graded Approach
This circular was launched in September 2019, and apart from defining basic standards for cyber security, it classifies UCBs by the level of their digital development and risk level into four tiers. For this reason, it outlines generic controls that morph into specific controls depending on the level of UCBs, thereby covering their various unique cyber risks. Further, it has recommendations for third-party ATM switch application service providers to provide adequate coverage in all facets of banking activities.
Our Approach.
Our main objective in this respect is to prepare a rough copy of the audit which should include some of the major areas of concern and remarks. This is developed by providing you with the audit’s tentative findings and main concern areas in this initial report that offer insight on what should be corrected.
After the audit is complete, the GAP Assessment Report is provided together with the information about how to remove the gaps in the organization. To ensure that you meet the regulations of the economic controls standards, this support assists in making the right adjustments to the controls you have put in place.
These include the manager’s summary for the audit, as well as a detailed final report which contains a summary of all the findings that were established during the audit process. It encompasses the assessment of all the matters that have been identified, findings made and recommendations that can be implemented to enhance all sections of the audit.
We provide you with an official Compliance Letter that acts as an acknowledgement from your organization that all the essential conditions and rules have been fulfilled. They also provide an official written record that all controls and regulations have been met for a given situation.
An intervention plan is offered where actual directives are stated showing how certain matters can be rectified, and compliance improved. This plan helps you through the steps to make changes and guarantees that correctly needed changes are made.
A final review is carried out to confirm the adequacy of the remediation measures undertaken. This review verifies whether the changes made will address the existing problems and whether the organization’s operations meet the standards required.
What is RBI Cyber Security Framework Compliance?
RBI Cyber Security Framework Compliance refers to adhering to the set of regulations and guidelines established by the Reserve Bank of India (RBI) to ensure robust cyber security measures in banks and financial institutions. This compliance involves implementing and maintaining security controls to protect against cyber threats, safeguarding sensitive data, and ensuring resilience in digital operations. The framework includes measures for risk assessment, incident response, and third-party management, all designed to enhance the overall security posture of financial entities.
