Cybersecurity in Banks - What does RBI say?

What does RBI say?

Reserve Bank of India issued certain guidelines for banks to mitigate the risks of using information technology in banking sector. These guidelines mainly focus on mitigating cyber threats. Creating an organizational structure in a way that it guarantees bank’s information security, IT security supports, extension of business strategies and satisfies the priority objectives of IT governance.

It is important to consider organizational necessity and benefits of information security governance. Information security has confidentiality, integrity and availability to be the core principles. Along with these, other principles such as authenticity and accountability are also now becoming key considerations in information security for the banking sector. Banks needs to prepare policies and procedures to identify and implement proper information security management practices. To implement information security management practices, banks need an IT operation team which plays important role in processing and storing the information in a way that required information is made available in a timely, reliably and secure manner when it is needed by the users.

Cybersecurity in Banks - Way Forward

Information security is a serious problem for businesses all around the world. Organizations are plagued by the ongoing fear of data theft. Cyber-attacks are a significant concern for financial organizations, which handle huge amounts of sensitive data of customers.

Consistent adoption of information security procedures in banks can assist organizations to develop a reputation for safety and security in the face of cyber threats. As the saying goes, prevention is better than cure, especially true in the case of bank’s information security, for banks to remain competitive and future-ready, they must invest in flawless cybersecurity solutions.