In a race to adopt technology innovations, Banks have increased
their exposure to cyber incidents/ attacks thereby underlining the
urgent need to put in place a robust cyber security and resilience
The Reserve Bank of India has provided guidelines on Cyber
Security Framework vide circular DBS.
CO/CSITE/BC.11/33.01.001/2015-16 dated June 2, 2016, where it has
highlighted the urgent need to put in place a robust cyber
security/resilience framework to ensure adequate cyber-security
preparedness among banks on a continuous basis.
The RBI Guidelines related to Cyber Security framework will
enable banks to formalize and adopt cyber security policy and cyber
crisis management plan. The requirement to share information on
cyber security incidents with RBI will also help structure
proactive threat identification and mitigation.
Difference between Cyber Security and Information Security
While Information Security focuses on protecting
confidentiality, integrity, and availability of information, Cyber
Security is the ability to protect or defend the use of cyberspace
from cyberattacks. Cyberspace is nothing but interconnected network
of information systems or infrastructures such as Internet,
telecommunications networks, computer systems, embedded processors
and controllers and many others systems.
Traditional information security has limited coverage of risks
emanating from cyberspace such as Cyber warfare, negative social
impacts of interaction of people (trolling, defamatory viral
messages, etc.), software and services on the Internet and threats
from Internet of Things (IoT). These and other threats are not
classic information security issues and thus need to be covered
under a separate Cyber Security Framework. The emerging
technologies and tools within the cyberspace is rapidly increasing
organizations exposure to new vulnerabilities thereby increasing
the risk to the organization. Given the benefits of the cyberspace,
it is imperative that organizations manage their risk effectively
through a robust Cyber Security Framework.
The committee set up to draft a Code on Resolution of Financial Firms, by the Ministry of Finance, Government of India, on September 28, 2016, released a draft bill – The Financial Resolution and Deposit Insurance Bill, 2016...
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