Cyber security

To protect bankers against prevailing cyber security issues, the RBI has asked all banks to frame cyber security policies approved by their respective boards. According to the RBI, the policies must discuss strategy, acceptable level of risks and an appropriate approach to combat cyber security threats. In its notification, the central bank said: “In view of the low barriers to entry, evolving nature, growing scale/velocity, motivation and resourcefulness of cyber 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.”