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RBI directs banks to be alert of cyber attacks

For banks to secure their information security, they should put in place business continuity plans and test them periodically, RBI said

June 27, 2013 2:18 IST | India Infoline News Service
The Reserve Bank of India (RBI) directed banks to periodically check their preparedness to prevent any cyber attack.

In order for banks to secure their information security, ensure their continuity, and check their robustness, it is expected that banks put in place appropriate business continuity plans (BCPs) and test them periodically. These information security should also be subjected to vulnerability assessment and penetration testing (VAPT), the RBI said on Wednesday.

"Considering that cyber attacks could threaten the confidentiality, integrity and availability of data and the systems, it is imperative for banks to conduct VAPT (vulnerability assessment and penetration testing) periodically to prevent any such attacks," the RBI notification added.

Formulation of consolidated BCP documents by banks covering critical aspects of people, process and technology is important in view of the increased contribution of 24x7 electronic banking channels.

Further, considering that cyber attacks could threaten the confidentiality, integrity and availability of data and the systems, it is imperative for the banks to conduct VAPT periodically to prevent any such attacks.

There is a need to prepare documents detailing these activities, update the same regularly and ensure that gaps identified from the tests are plugged in a timely manner. This should form part of the Information Security assurance function undertaken by banks.

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