RBI issues guidelines to banks, NBFCs regarding IT governance and cyber security
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Mumbai (Uttam Hindu News): RBI has issued a new comprehensive master guideline to banks and NBFCs on IT governance, risks, controls. These guidelines are for directors who have to discharge their duties in the interest of clients. These instructions incorporate the guidelines and circulars issued earlier on IT governance and will come into effect from April 1, 2024.
The guidelines direct all regulated entities to keep a close watch on all these things, ‘Cyber Events’ are defined as any incident in the information system. Cyber events sometimes indicate that an incident is about to occur. ‘Cyber Security’ – Protection of confidentiality and availability of information through cyber medium. In addition, authenticity, accountability, non-repudiation, and reliability may also be included.
‘Cyber Incident’ – This is a cyber event that adversely impacts cyber security, whether or not it results from malicious activity.
‘Cyber-attack’ – A malicious attempt to exploit vulnerabilities through cyber means to damage, disrupt, or gain unauthorized access to property.
The ‘de-militarized zone’ or ‘DMZ’ is a network segment between the internal and external networks.
‘Information asset’ – any data, equipment or anything that supports information-related activities. Information assets include information systems, data, hardware, and software.
Foreign banks operating in India have also been asked to follow the guidelines and discuss with RBI if they wish to seek relaxation in case of any particular criteria.
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