Page 32 - Banking Finance November 2022

ARTICLE

Further, there is a clear emphasis on the establishment of awareness programmes focused on customer awareness to
metrics to measure and monitor outcomes of cybersecurity reduce the incidence of attacks like phishing.
initiatives.
Building cyber Resilience
24x7 operations centre with advanced real- As attack vectors are increasingly becoming sophisticated,
time capabilities the cost of launching an attack is going down, the scale and
Banks need effective cyber security monitoring and detection velocity of cyber attacks are increasing, and there is greater
capabilities that focus on building resilient systems which can recognition of the possibility of incidents.
traverse a large volume of system events and deduce
intelligence. A resilient banking ecosystem is characterised Accordingly, banks not only need to strengthen cyber
by banks' ability to detect threats in advance, prevent cyber defence but also build strong resilience. The RBI circular
calls for the establishment of Cyber Crisis Management Plan
incidents, learn from threat intelligence to prevent similar
incidents. to address the full life cycle of detection, response,
containment and recovery.
Banks need to refocus some of their security operations
Conclusion
priorities and augment their current Security Operations
Banking sector faces growing cyber risks to its customer
Center (SOC) to make it more robust by focussing on cyber
data, digital platforms and operational integrity. In light of
threats on a real time basis.
this, Banks need to increase their investment in the people,
processes, and technologies involved in their cybersecurity
Protecting Customers
operations. By leveraging threat intelligence, security
RBI's instruction lays emphasis on protecting customer data
orchestration automation and response (SOAR), and cyber
and protecting customers against financial crimes. Banks are fusion, banks can drastically strengthen the cyber resilience
required to put in place a strong control mechanism to of their infrastructure, services, and operations going
protect customer data across the life cycle regardless of
forward.
whether data is at rest or in motion, within the banking
environment or within the vendor's environment. As banks
are rapidly adopting digital products, they are also required
to take stronger measures in areas such as authentication
and risk based transaction monitoring to prevent fraud.

Banks have also been asked to establish strong cyber

''Views and opinions expressed in the article are of
the author and not of the Bank''.

32 | 2022 | NOVEMBER | BANKING FINANCE