RBI Cybersecurity Assessment

Banks are a target of the most aggressive forms of cyber attacks. These kinds of attacks are carried out by no amateur hackers or script kiddies. They are orchestrated by a network of organized crime groups engaging sophisticated tools and the skills of ruthless cyber mercenaries who will go to any lengths to infiltrate into their target’s system. Cyber attacks on banks are also carried out by adversarial states, who put their entire weight behind such attacks. They are carried out to cause disruption and to gain an edge over their target using these asymmetric warfare mechanisms, which makes attribution harder.

Banks in India have a large attack surface which has been targeted by attackers leading to significant losses. The vulnerabilities are owing to legacy infrastructure, rapid digitalization without adequate safeguards, and a lack of awareness and training over cybersecurity. This has led the Reserve Bank of India (RBI) to issue cybersecurity guidelines, titled ‘Cyber Security Framework in Banks’, as per the circular DBS.CO/CSITE/BC.11/33.01.001/2015-16. The guidelines require banks to set up a robust cybersecurity framework to mitigate cyber risks against an array of threat vectors, and establish an incident response and recovery framework to deal with adverse incidents and disruptions.

At GRM, our experts will work with you to establish the necessary cybersecurity controls to enhance the cybersecurity posture and monitor for risks and incidents on a continuous basis. We will begin with defining a distinct cybersecurity policy for your bank, which is distinct from the broader information security policy. The controls defined in the cybersecurity policy will safeguard the data of your customers from hostile forces seeking to compromise your systems. This policy needs to be approved by the board. This ensures that the cybersecurity measures are enforced top-down and are given adequate consideration by everyone in the bank. The top leadership is also accountable for any lapses that jeopardize the integrity of banking operations and result in cyber mishaps.

Our team comes with a range of experience in implementing cybersecurity controls for organizations across industries. We are in a position to implement measures that not only conform to the requirements of the RBI, but are also compliant with international standards and regulations such as ISO 27001, NIST, PCI DSS, SOC, GDPR, and others. We will have a team dedicated to service you at all times. They will conduct a detailed gap analysis to identify your current level of compliance and outline the steps needed to promote your security infrastructure to parity with the target profile. The gap analysis process includes a comprehensive assessment of your network and security infrastructure, data flow analysis, data backup procedures, and configuration reviews of different system components.

Following a gap analysis, we will create a detailed defense model for your organization This includes installing and maintaining properly configured firewalls; creating effective network segmentation; ensuring that data at rest and in transit is made unintelligible by using encryption; and implementing an intrusion detection system to block out malware. Our team will work with you to set up a security operations center that monitors and tracks access to network resources and sensitive data, thereby allowing you to assess and detect any possible fraudulent activity in your bank.

Our experts will work with you to set up an effective business continuity management plan and an incident response team that is well-equipped to deal with the threats to your system, and in the event of a breach, follow the standard operating procedure to restore your system to a minimum-viable operating level, while the threat is eventually contained and neutralized.

No cybersecurity policy or controls are sufficient if the workforce within the organization is not sensitized to the dangers lurking out there. At GRM, we will conduct comprehensive cybersecurity trainings for the employees of your bank. We will walk them through the different kinds of social engineering attacks that could be launched against them so that they can resist, pushback, and report such events. We will also provide detailed documentation in relation to security protocols, policies, and procedure for handling sensitive information and thereby maintaining the integrity of banking operations.

Our team will also carry out internal audits to set you up for success. We believe security is an iterative and continuous process, and with GRM Technologies by your side, you can be rest assured that we will partner with you to achieve and maintain not just compliance, but establish the necessary cybersecurity controls to preserve the security, integrity, and reliability of your data and operations.

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At GRM Technologies, our professionals offer the best customized solutions to keep your information safe and secure. Your project is not just another job for us. It is a commitment. For us our customers are priceless and we respect them and try our best to come up to their expectations.

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