Challenges in the Cybersecurity Framework of Banks in India

Banks will likely not meet the January 1 date for implementing a cybersecurity framework as defined by Sebi for their multinational lenders with custody and investment banking departments.

The Securities and Exchange Board of India’s (SEBI) Cybersecurity and Cyber Resilience Framework (CSCRF)

It is a set of guidelines and standards to improve the cybersecurity of SEBI-regulated entities (REs). This framework was introduced on August 20, 2024. 

• The aim of CSCRF’s are: 
  • Anticipating: Preparing for cyber threats
  • Withstanding: Withstanding cyber attacks
  • Containing: Containing cyber attacks
  • Recovering: Recovering from cyber attacks
  • Evolving: Evolving to adapt to new cyber threats