RBI publishes “’Technology Vision for Cyber Security’ for Urban Co-operative Banks – 2020-2023”.

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The Reserve Bank of India vide its notification dated 24th September 2020 has published the Technology Vision Document which aims at enhancing the cybersecurity posture of the Urban Co-operative banking sector against evolving IT and cyber threat environment.

The document has been formalized based on inputs from various stakeholders and it envisages to achieve its objective through a five-pillared strategic approach GUARD, viz., – Governance Oversight, Utile Technology Investment, Appropriate Regulation and Supervision, Robust Collaboration and Developing necessary IT, cyber security skills set.

The Technology Vision Document for Cyber Security for UCBs, with its 12 specific action points, aspires to (a) Involve more Board Oversight over Cybersecurity; (b) Enable UCBs to better manage and secure their IT Assets; (c) Implement an offsite supervisory mechanism framework for UCBs on cyber security-related controls; (d) Develop a forum for UCBs so that they can share best practices and discuss practical issues and challenges; and (e) Implement framework for providing awareness/ training for all UCBs.

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