• 1. Governance and Risk Management: a. Establish a cyber security policy that outlines objectives, roles, responsibilities, and accountability. b. Conduct regular risk assessments and develop a risk management framework to identify, assess, and mitigate cyber risks. c. Define an incident response plan to effectively respond to and recover from cyber security incidents.
• 2. Information Security: a. Implement a robust access control mechanism to ensure authorized access and prevent unauthorized access to systems and data. b. Enforce strong password policies, including regular password updates and multi-factor authentication where appropriate. c. Maintain secure configuration standards for hardware, software, and network devices. d. Regularly update and patch systems to address known vulnerabilities.
• 3. Network Security: a. Deploy firewalls, intrusion detection and prevention systems, and secure network architecture to protect against unauthorized network access and attacks. b. Implement secure protocols, such as Secure Sockets Layer (SSL) or Transport Layer Security (TLS), to encrypt sensitive data transmitted over networks. c. Monitor network traffic and log events to detect and respond to potential security incidents.
• 4. Application Security: a. Conduct regular vulnerability assessments and penetration testing to identify and address application-level vulnerabilities. b. Implement secure coding practices and perform code reviews to prevent common application-level security flaws. c. Utilize web application firewalls and intrusion detection systems to protect against application-layer attacks.
• 5. Data Protection and Privacy: a. Encrypt sensitive data at rest and in transit, including personally identifiable information (PII) and financial data. b. Implement data loss prevention (DLP) solutions to monitor and prevent unauthorized data exfiltration. c. Establish data retention and disposal policies to securely manage the lifecycle of data.
• 6. Security Awareness and Training: a. Conduct regular security awareness and training programs for employees to enhance their understanding of cyber security risks and best practices. b. Foster a culture of security consciousness and encourage reporting of suspicious activities or incidents.
• 7. Third-Party Risk Management: a. Assess and manage cyber security risks associated with third-party vendors and service providers. b. Implement robust contractual agreements with third parties, clearly defining their cyber security responsibilities and requirements.
• 8. Continuous Monitoring and Incident Response: a. Establish a Security Operations Center (SOC) or a similar capability to monitor and respond to security incidents. b. Implement a security information and event management (SIEM) system to collect, correlate, and analyze security event logs. c. Perform regular security assessments, including penetration testing and vulnerability scanning, to identify and remediate security gaps.

It's important to note that the above components are not exhaustive, and organizations should tailor their cyber security framework to their specific needs, risk profile, and regulatory requirements. Compliance with RBI guidelines and regular review and update of the cyber security framework are crucial for maintaining an effective security posture. Organizations should also stay informed about emerging threats and evolving best practices to enhance their cyber security measures.