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

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

• The Reserve Bank of India (RBI) will implement the “’Technology Vision for Cyber Security’ for Urban Co-operative Banks (UCBs) – 2020-2023” to enhance the IT security system of Urban Co-operative banking to prevent, detect, respond to and recover from cyber-attacks.
• RBI will achieve this objective using its five-pillared strategic approach ‘GUARD’. GUARD denotes:
  • G – Governance Oversight,
  • U – Utile Technology Investment,
  • A – Appropriate Regulation and Supervision,
  • R – Robust Collaboration
  • D – Developing necessary IT, cyber security skills set.
• To accomplish the five pillared approach, RBI has established 12 specific action points.
• The implementation of this Technology Vision document will strengthen the cyber resilience of the Urban Co-operative Banks.

‘Technology Vision for Cyber Security’ for Urban Co-operative Banks – 2020-2023

Points to remember:

1. Name the five-pillared strategic approach envisaged by RBI to deal with cyber security threats being faced by Urban Cooperative Banks (UCBs)? GUARD
2. ‘The Technology Vision for Cyber Security’ for Urban Co-operative Banks is for how many years? 3

Source: RBI