Reserved Bank of India (RBI) publicised mandatory cyber security policies for Urban Cooperative Banks on December 31, 2019. Increased cyber fraudulent activities in the banking industry are the core cause of this enforcement. In accordance with the announcement, UCBs are directed to implement the below cyber security measures to ensure safe and secure banking.
- Conduct periodic security assessment of public-facing websites/applications
- Strengthen the cyber security incident reporting mechanism
- Set up Security Operations Centre (SOC)
- Implement bank-specific email domain