RBI on Cyber Crime : Banks develop cyber security policy immediately


Mumbai :  RBI today asked banks to immediately put in place a cybersecurity policy to tackle internet-based threats to the banking system. It is essential to enhance the resilience of the banking system by improving the current defences in addressing cyber risks," the Reserve Bank said in a notification.

RBI said the number, frequency and impact of cyber incidents/attacks have increased manifold in the recent past, more so in the case of financial sector.This underlines the urgent need to put in place a robust cyber security/resilience framework at banks and ensure adequate cyber-security preparedness among banks on a continuous basis, it said.

The central bank said a Cyber Crisis Management Plan (CCMP) should be immediately evolved and should be part of the overall Board approved strategy."CCMP should address the following four aspects – detection, response, recovery and containment," RBI said.