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NEWS IMPULSE – TECHNOLOGY VISION CYBER SECURITY FOR URBAN CO-OPERATIVE BANKS (UCBs)| 26 SEPTEMBER

/ September, UPSC Daily Current Affairs

Source – The Hindu

GS Paper – 3

Context – The ‘Technology Vision for Cyber Security for Urban Co-operative Banks (UCBs) 2020-2023’ was recently released by RBI. It has been formalized based on inputs from various stakeholders.

OBJECTIVES

The vision document aims to achieve the objective through a five-pillared strategic approach call GUARD

 Governance oversight,

 Utile technology investment,

Appropriate regulation and supervision,

 Robust collaboration and developing necessary IT,

Cyber security skills set

IMPORTANCE OF THE DOCUMENT

Considering that implementation of cyber security controls will be capital intensive, UCBs may consider creating a reserve or fund earmarked for implementing IT or cyber security projects

UCBs would be expected to prepare a Business Continuity Plan for all processes and ensure that it is well-communicated, well-rehearsed and reviewed periodically

 Effective offsite supervision of UCBs to monitor their compliance for cyber security guidelines as well as to have an overall and up-to-date understanding of the cyber security posture of the UCB sector.

The vision document also called for adopting cloud services and imparting technical skills for managing IT and cyber security issues at these lenders

Further given their large numbers, the RBI has called for setting up effective offsite supervision of UCBs to monitor their compliance for cyber security guidelines as well as to have an overall and up-to-date understanding of the cyber security posture of the UCB sector.