Reserve Bank of India (RBI), India’s central banking and monetary authority, points out that the number, frequency, and impact of cyber incidents on Indian banks has increased substantially. Like their peers globally, Indian banks are committed to maintaining customer trust, protecting financial assets, and preserving their own brand and reputation as the industry will remain a top target of cybercriminals using increasingly sophisticated methods. Thus, it is urgent that banks continue to improve their cyber defenses.
In a race to adopt technology innovations, the exposure to cyber incidents/attacks has also increased, thereby underlining the urgent need to put in place a robust cyber security and resilience framework. The Reserve Bank of India has provided guidelines on Cyber Security Framework vide circular DBS.