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Circular 16 March 2018

The document discusses the need for banks to have robust cyber security frameworks in place. It notes that cyber attacks have increased significantly for financial institutions like banks. As a result, banks must enhance their cyber security defenses and resilience. Specifically, banks are directed to immediately implement a board-approved cyber security policy that outlines their strategy for addressing cyber threats given their business complexity and risk tolerance. Banks must communicate confirmation of implementing this policy to the relevant authorities by June 30, 2018.

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255 views35 pages

Circular 16 March 2018

The document discusses the need for banks to have robust cyber security frameworks in place. It notes that cyber attacks have increased significantly for financial institutions like banks. As a result, banks must enhance their cyber security defenses and resilience. Specifically, banks are directed to immediately implement a board-approved cyber security policy that outlines their strategy for addressing cyber threats given their business complexity and risk tolerance. Banks must communicate confirmation of implementing this policy to the relevant authorities by June 30, 2018.

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treddy249
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NB.DOS.HO.Pol.No./ 4813 /J-1/2017-18

16 March 2018
(Circular No.51 /DoS- 17 / 2018)
The Chairman
Regional Rural Banks

Dear Sir/Madam

Cyber Security Framework in Banks

Introduction
Use of Information Technology by banks and their constituents has grown rapidly and is
now an integral part of the operational strategies of banks. The Reserve Bank, had,
provided guidelines on Information Security, Electronic Banking, Technology Risk
Management and Cyber Frauds (G.Gopalakrishna Committee) vide Circular
DBS.CO.ITC.BC.No.6/31.02.008/2010-11 dated April 29, 2011, wherein it was indicated
that the measures suggested for implementation cannot be static and banks need to pro-
actively create/fine-tune/modify their policies, procedures and technologies based on
new developments and emerging concerns.
2. Since then, the use of technology by banks has gained further momentum. On the
other hand, the number, frequency and impact of cyber incidents / attacks have increased
manifold in the recent past, more so in the case of financial sector including banks,
underlining the urgent need to put in place a robust cyber security/resilience framework
at banks and to ensure adequate cyber-security preparedness among banks on a
continuous basis. In view of the low barriers to entry, evolving nature, growing
scale/velocity, motivation and resourcefulness of cyber-threats to the banking system, it
is essential to enhance the resilience of the banking system by improving the current
defenses in addressing cyber risks. These would include, but not limited to, putting in
place an adaptive Incident Response, Management and Recovery framework to deal with
adverse incidents/disruptions, if and when they occur.
Need for a Board approved Cyber-Security Policy
3. Banks should immediately put in place a cyber-security policy elucidating the
strategy containing an appropriate approach to combat cyber threats given the level of
complexity of business and acceptable levels of risk, duly approved by their Board. A
confirmation in this regard may be communicated to Cyber Security and Information
Technology Examination (CSITE) Cell for RRBs and Rural Cooperative Banks at DoS,
NABARD Head Office, Mumbai at the earliest, and in any case not later than 30 June
2018.

रा ट्रीय कृिष और ग्रामीण िवकास बक


National Bank for Agriculture and Rural Development
पयर्वेक्षण िवभाग
लॉट क्र सी-24, 'जी' लॉक, बांद्रा-कुलार् कॉ
लेक्स, बांद्रा (पूव)र् , मुंबई - 400 051. टे ली: +91 22 2653 1834 • फ़ैक्स: +91 22 2653 0103 • ई मेल: [email protected]
  Department of Supervision
Plot No. C-24, 'G' Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 • Tel.: +91 22 2653 1834 • Fax: +91 22 2653 0103 • E-mail: [email protected]

गाँव बढ़े >> तो दे श बढ़े       www.nabard.org Taking Rural India >> Forward

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