RBI to implement “Technology Vision for Cyber Security’ for Urban Co-operative Banks – 2020-2023”

The Reserve Bank of India (RBI) will implement the “’Technology Vision for Cyber Security’ for Urban Co-operative Banks (UCBs) – 2020-2023” to enhance the IT security system of Urban Co-operative banking to prevent, detect, respond to and recover from cyber-attacks.
RBI will achieve this objective using its five-pillared strategic approach ‘GUARD’. GUARD denotes:

G – Governance Oversight,
U – Utile Technology Investment,
A – Appropriate Regulation and Supervision,
R – Robust Collaboration
D – Developing necessary IT, cyber security skills set.
To accomplish the five pillared approach, RBI has established 12 specific action points.
The implementation of this Technology Vision document will strengthen the cyber resilience of the Urban Co-operative Banks.