Cyber Security Due Diligence For Banks In India

Reserve Bank of India (RBI) has recently constituted the Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds (Working Group). The Working Group submitted its report in the recent past upon which public inputs were invited. After analysing the public inputs, the final draft has been recently released and notified by the RBI.

RBI has also directed that all banks would have to create a position of chief information officers (CIOs) as well as steering committees on information security at the board level at the earliest. This direction was provided through the information technology vision document for 2011-17 (IT Vision 2011-17) and the recent notification of the draft report.

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