https://www.taxtmi.com/news?id=26574 Cyber risk to the banking and financial system arises from increased digitalisation and interconnections that can disrupt operations and undermine trust; traditional capital and liquidity measures may not mitigate such effects. The Reserve Bank emphasizes non-disruptive innovation with customer protection through mandates like two-factor authentication, tokenisation, continuous settlement availability, supervisory cyber exercises, and institution-building. Internationally, six strategies-mapping interdependencies, a minimum common cybersecurity framework, information sharing, coordinated incident response, enforcement to deter perpetrators, and capacity building-are proposed to strengthen systemic cyber resilience and support secure digital financial inclusion. en-us Tue, 06 Jun 2023 09:33:37 +0530 Tue, 06 Jun 2023 09:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=26574 Cyber risk to the banking and financial system arises from increased digitalisation and interconnections that can disrupt operations and undermine trust; traditional capital and liquidity measures may not mitigate such effects. The Reserve Bank emphasizes non-disruptive innovation with customer protection through mandates like two-factor authentication, tokenisation, continuous settlement availability, supervisory cyber exercises, and institution-building. Internationally, six strategies-mapping interdependencies, a minimum common cybersecurity framework, information sharing, coordinated incident response, enforcement to deter perpetrators, and capacity building-are proposed to strengthen systemic cyber resilience and support secure digital financial inclusion. News - Tue, 06 Jun 2023 09:33:37 +0530 https://www.taxtmi.com/news?id=26574