The Reserve Bank of India has put forward a five-point strategic approach 'guard' to deal with the cybersecurity constricts facing Urban Co-operative Banks. In its document 'Urban Co-operative Banks' Technical Approach to Cyber Security 2020-23', the Reserve Bank stated that the number, frequency and impact of cyber cases and attacks has increased manifold in recent times.

They have grown in terms of financial space including UCB. Therefore, it has become necessary that the cybersecurity of UCB be broadened to prevent, identify, respond to and deal with cyber attacks. The Reserve Bank's five-pillar strategic approach guards include governance oversight, utile technology investment, appropriate regulation and supervision, strong support and developing the necessary IT and cybersecurity skills.

RBI said that the Technology Approach Document has been formalized after getting views from all stakeholders. Its goal is to increase UCB's cybersecurity capability. The 12 special action points suggested in the document include the board's greater focus on cybersecurity, better management of IT resources and enabling UCBs to secure them, establishing an offsite supervisory mechanism framework on cybersecurity-related controls. Many changes can be made, and the crimes that happen can also be controlled with these changes.

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