Cyber Risk Management In Indian Banking Sector

Abstract

This paper aims to examine and explanations the various key aspects of cyber risk management in Indian Banking Sector. Cyber Risk Management in the Indian banking sector involves a multifaceted approach that addresses regulatory compliance, risk assessment, security controls, employee awareness, incident response, continuous monitoring, collaboration, and governance. Risk identification in the Indian banking sector requires a comprehensive and proactive approach, with a focus on understanding the diverse range of threats and vulnerabilities that could affect the bank's operations, reputation, and financial health. Incident response planning in the Indian banking sector is a proactive and coordinated effort to mitigate the impact of cybersecurity incidents and maintain the integrity, confidentiality, and availability of banking systems and customer data. By implementing robust incident response plans and procedures, banks can minimize downtime, mitigate financial losses, and preserve customer trust in the face of cyber threats. Compliance and regulation in the Indian banking sector are aimed at promoting financial stability, protecting consumers, and maintaining the integrity and efficiency of the banking system. In the Indian banking sector, cyber security board and executive oversight are crucial components of governance to mitigate cyber risks, safeguard sensitive data, and ensure the resilience of financial systems. Cyber risk management requires a comprehensive and proactive approach, with collaboration across different departments within the organization and a commitment to staying abreast of emerging cyber threats and best practices in cyber security.