New AI infrastructure – TechOwl GRC GAP Assessment Tool – brings speed and accuracy to auditors and clients:
“New use cases for AI-based auditing solutions continue to emerge in the IT industry. By being the first auditing firm to launch these kinds of AI-based features with TechOwl GRC, we are doubling down on our commitment to deliver innovative solutions that make our customers stronger,” said Bhinang Tejani, Director of Phoenix TechnoCyber. “We’re excited to continue bringing new and revolutionary AI-based tools to the platform and helping our customers evolve and secure their businesses.”
Demystifying RBI circular on Cyber Security Framework in UCBs
In a race to adopt technology innovations, Banks have increased their exposure to cyber incidents/ attacks, underlining the urgent need to implement a robust cyber security and resilience framework. The Reserve Bank of India has provided guidelines on Cyber Security Framework vide circular RBI/2019-20/129 DoS.CO/CSITE/BC.4083/31.01.052/2019-20 dated December 31, 2019, highlighted the urgent need to implement a robust cyber security/resilience framework to ensure adequate cyber-security preparedness among Urban Co-Operative Banks on a continuous basis. The RBI guidelines that relate to the Cyber Security framework, will enable banks to formalize and adopt cyber security policies and cyber crisis management plans. The requirement to share information on cyber security incidents with RBI will also help structure proactive threat identification and mitigation.
Impact on Banks
Banks need to assess their Cyber Security preparedness under the active guidance and oversight of the IT Sub Committee of the Board or the Bank’s Board directly. Also, Banks need to report to the Cyber Security and Information Technology Examination (CSITE) Cell of the Department of Banking Supervision, Reserve Bank of India the following:
- Identified gaps w.r.t. Cyber Security/Resilience Framework
- Proposed measures/controls and their expected effectiveness
- Milestones with timelines for implementing the proposed controls/measures and
- Measurement criteria for assessing their effectiveness including the risk assessment and risk management methodology followed/proposed by the bank
Role of Phoenix TechnoCyber in GAP Assessment
Phoenix TechnoCyber has invested extensively in internal knowledge management initiatives. It has identified relevant auditors’ best practices both within and outside the firm and created an integrated and effective knowledge management function. Phoenix TechnoCyber leverages this knowledge embedded into our AI-based audit tools to provide the best value to our clients.
Phoenix TechnoCyber will conduct GAP Analysis based on RBI Cyber Security Framework in a semi-automated manner using its AI-based automation techniques ensuring accuracy, robustness, and efficiency in the scope of work.
About Phoenix TechnoCyber
“Over 10 years of experience in the security business has earned us a reputation for excellence and for building long-term relationships with our clients. Contact us for a personal consultation and we will discuss your security needs. Using our expertise, we will provide you with comprehensive security advice for your specific circumstances,” invites Bhinang Tejani.
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