DigiFortex, as a CERT-In empaneled cybersecurity expert, helps banks meet RBI’s Cybersecurity Framework requirements with precision and expertise. We support banks in identifying security gaps, establishing robust monitoring systems, and ensuring full regulatory compliance. With our guidance, banks can confidently secure their systems, protect customer data, and stay resilient against evolving cyber threats.
Our team of skilled auditors and consultants prioritizes transparency, accuracy, and actionable insights, helping you not only meet compliance but also enhance the integrity and resilience of your information systems. DigiFortex goes beyond basic auditing by offering guidance to strengthen your IT processes, protect assets, and secure data integrity, ensuring your systems function effectively under all conditions.
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RBI Cybersecurity Framework for Banks
As the cyber threat landscape evolves, and data breaches become more sophisticated, financial institutions and organizations handling sensitive information must adopt stronger security controls. Traditional compliance measures are no longer sufficient to address the advanced tactics employed by cybercriminals. To stay ahead of these evolving threats, businesses and government organizations must be proactive in defending against cyberattacks.
In 2011, the Reserve Bank of India (RBI) introduced comprehensive IT security guidelines for banks. However, as cyber threats continued to grow in complexity, RBI updated its framework to address the shortcomings of the original guidelines, particularly around post-breach capabilities. The RBI Cybersecurity Framework for Banks is a critical step toward safeguarding vital business assets, ensuring regulatory compliance, and maintaining data integrity.
Key Focus Areas of the RBI Cybersecurity Framework for Banks
The RBI’s updated framework is designed to protect financial institutions from increasingly sophisticated cyberattacks. It outlines core requirements for modern financial organizations, focusing on three main areas:
- Establish Cyber Security Baseline and Resilience
- Operate Cyber Security Operations Centre (Cyber SoC)
- Cyber Security Incident Reporting (CSIR)
- Cyber Security Baseline and Resilience Requirements
The foundation of the RBI Cybersecurity Framework lies in establishing a robust cybersecurity baseline and resilience for banks. Key components include:
Board-Approved Cybersecurity Policy: A dedicated cybersecurity policy separates from the IT/IS security policy.
Continuous Surveillance: Setting up systems for ongoing monitoring and threat detection.
Secure IT Architecture: Ensuring that IT infrastructure is conducive to security and resilient against cyber threats.
Comprehensive Security Measures: Addressing network and database security in a holistic manner.
Customer Data Protection: Ensuring the confidentiality and integrity of customer information.
Cyber Crisis Management Plan: Developing a plan for managing cyber crises, including response and recovery protocols.
Cybersecurity Preparedness Indicators: Defining metrics to measure the effectiveness of your cybersecurity framework.
Incident Reporting: Implementing a framework to report cybersecurity incidents to RBI promptly.
Stakeholder Awareness: Ensuring that top management, the board, and relevant stakeholders are aware of cybersecurity best practices.
Operating a Cyber Security Operations Centre (Cyber SoC)
To maintain continuous vigilance against cyber threats, the RBI framework requires banks to operate a Cyber Security Operations Centre (Cyber SoC). This centre is responsible for:
Proactive Monitoring and Management: Implementing sophisticated detection tools for real-time monitoring and quick response.
Honeypot Solutions: Using honeypots as a key technology for detecting and responding to advanced threats.
Advanced Analytics: Leveraging data and analytical tools to enhance decision-making and threat response capabilities.
Cyber Security Incident Reporting (CSIR)
The RBI framework emphasizes the need for banks to quickly identify and report any cybersecurity incidents. Key requirements include:
Timely Reporting: Banks must notify RBI of any significant cybersecurity incidents within 6 hours, regardless of whether the breach was successful.
Incident Detection and Analysis: Ensuring that detection and analysis are conducted promptly to minimize the impact of the incident.
Incident Management Plan: Developing a detailed Cyber Crisis Management Plan (CCMP) that includes:
- Incident Detection
- Response and Recovery
- Containment
Our Proven Audit Approach
Our detailed audit process ensures that your payment systems meet regulatory standards, while also strengthening your organization’s security posture.
Business Understanding: We begin by evaluating your business processes and environment to identify all relevant in-scope elements.
Audit Scope Finalization: A detailed questionnaire is shared with your teams to collect evidence on architecture, implementation, and controls.
Initial Audit: We assess your infrastructure to identify all storage locations containing payment-related data.
Risk Assessment: Our team conducts a risk analysis of your information security posture, highlighting potential vulnerabilities.
Data Flow Assessment: A comprehensive analysis is performed to understand data flow and detect any potential leakage points.
Remediation Support: We provide actionable solutions to address compliance challenges and strengthen your systems.
Scans and Testing: We perform rigorous testing to uncover critical vulnerabilities in your system.
Evidence Review: Evidence collected is reviewed to evaluate its maturity and alignment with compliance requirements.
Final Audit: A thorough examination is conducted to ensure all identified vulnerabilities are addressed and the system is secure.
Concise Reporting: Our team delivers a detailed report covering all findings and insights from the assessment cycle.
Why DigiFortex?
As a CERT-In empaneled and ISO 27001:2022 certified organization, DigiFortex is globally recognized in providing Information Security consulting. Our team started McAfee in India and holds 17 US patents.
Our team is composed of globally certified experts, including ISO 27001 Lead Auditors for Information Security, Certified Information Privacy Professionals for Europe (CIPP/E) from the International Association of Privacy Professionals (IAPP), DSCI Certified Privacy Lead Assessors (DCPLA), CCSA, CISM, CISA, ISO 27001 LA, CEH, CRTP and more. Backed by diverse industry experience, our professionals provide comprehensive security and privacy solutions tailored to meet the highest standards.
A small glimpse of DigiFortex’s globally recognized work
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Completed the Prepaid Payment Instrument (PPI) audit for Amazon Pay, which included:
- IS Audit (Information System Audit)
- V-KYC (Video-based Know Your Customer)
- VAPT (Vulnerability Assessment and Penetration Testing)
- SAR (Security Assessment Report)
- RBI Data Localization compliance
- Conducted security assessments for the #1 U.S. financial institution, covering 17 of their websites across 17 countries.
- Performed a comprehensive Cloud Security Assessment for HDFC Bank.
- Provided IT audit services for the integration of HDFC’s system with the Government of India’s Solar Energy Corporation of India (SECI).
- Selected by Indian Bank to conduct a full security assessment of their data centers in Chennai and Mumbai.
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