The Reserve Bank of India (RBI) on Thursday asked urban cooperative banks (UCBs) to bring their cyber security systems at par with other banks to combat online threats.
"The approach will ensure that the UCBs with high IT penetration and offering all payment services are brought at par with other banks having mature cyber security infrastructure and practices," it said in a technology vision document for 2020-23.
The UCBs with higher digital depth will now have to appoint Chief Information Security Officer and set up various committees like IT Strategy Committee and IT Steering Committee.
The RBI said there has to be a board-approved IT governance framework. "Considering the implementation to be a costly process, the responsibility for implementation, monitoring, compliance and response will have to be assigned from the board-level and percolate down till the end-user," said the central bank.
The RBI's vision for the UCBs till 2023 is based on five pillars titled GUARD: governance oversight, utile technology investment, appropriate regulation and supervision, robust collaboration and developing necessary IT, cyber security skills set.