Benchmark for RBI Cyber Security Annex I (7.2)

Annex I (7.2) of the Reserve Bank of India (RBI) Cyber Security Framework is dedicated to benchmarking cybersecurity practices within the banking sector in India. The goal is to elevate the overall cybersecurity stance of banks and financial institutions, ensuring a secure environment for digital transactions.

The benchmark evaluates cybersecurity controls across several dimensions:

This dimension underscores setting up a sturdy cybersecurity governance framework within institutions. Key aspects include defining roles, ensuring board-level oversight, and conducting regular assessments for identifying vulnerabilities.

Institutions are required to have well-documented policies addressing data management, access control, network security, and incident response. Regular updates and communication to relevant stakeholders are crucial.

Regular risk assessments are essential to pinpoint potential threats. Strategies for risk mitigation should be formulated and executed to address identified vulnerabilities effectively.

Emphasizes the implementation of security controls, network monitoring, threat intelligence, and incident management. Real-time monitoring, swift incident detection, and efficient response measures are vital.

Ensures that only authorized individuals access critical systems. Evaluates mechanisms like user authentication, password policies, privilege management, and activity monitoring to prevent unauthorized access.

Tests institutions' readiness in handling security incidents promptly and effectively. Documented response plans, designated response teams, and regular drills are key components.

Annex I (7.2) of the RBI Cyber Security Framework serves as a comprehensive guideline for financial institutions to evaluate and enhance their cybersecurity practices. By adhering to the benchmark's recommendations, institutions can bolster their cybersecurity capabilities and safeguard digital assets and transactions effectively.