RBI DIRECTIONS ON CYBER SECURITY

The Reserve Bank of India (RBI) directed banks to chalk out cyber security policies.

Some of the salient features of the policy are

The Cyber Security Policy has to be separate from IT policy implying it is no more an IT department issue.

The RBI emphasized the urgent need to put in place a robust cyber security/resilience framework at banks and to ensure adequate cyber-security because of manifold increase in cyber attacks in the recent past.

The RBI is considering to limit a customer’s liability in case of cyber fraud.

The scope of the cyber security framework is enlarged to include for banks to immediately put in place an adaptive incident response, management and recovery framework to deal with adverse incidents.

Best Regards, Anuj Agarwal, Chairman Centre for Research on cyber crime and Cyber Law. www.cybergyan.in