Compliance “A Necessary Act” For Sturdy Security
With an increasingly fast-evolving economic and technological environment, the financial industry has undergone a massive transformation bringing radical changes in the realm. Technology has become a disruptive force to reshape the financial sector, business models, and banking structure. This paradigm shift has impost significant challenges including “compliance”, “risk management”, “data security”, “embracing ethical practices”, and more.
Becoming a significant part of organization philosophy, introducing compliance right from the start of business operations is crucial. Acknowledging the benefits of good compliance culture and the costs of poor conduct, the Indian banking landscape must be strengthened. RBI compliance is competent to embrace deeper standards of integrity and ethical conduct while keeping pace with the evolving nature of regulations.
The India cybersecurity market size is projected to exhibit a growth rate (CAGR) of 16.5% during 2024-2032.
Value of frauds in banking transactions spiked 10 times in 10 years
A Future-proof Compliance With RBI
RBI regulates India’s financial markets and maintains economic stability, ensures effective compliance culture, promotes growth, and suggests compliance functions and risk management programs while supervising financial institutions and non-banking finance companies. RBI compliance helps combat financial crime for Indian financial institutions, focuses on AML/CFT regulations, eliminates financial irregularities, issues licenses to banks, and boosts their compliance performance.
As RBI points out the impact of cyber incidents on Indian banks substantially increases, it focuses on cementing cybersecurity initiatives and facilitates proactive response and management of cyber incidents across the financial realm. To put a resilience framework and robust cybersecurity in place, Cloud4C offers a comprehensive suite of RBI compliance services and security capabilities backed by innovation and cutting-edge technologies to help build a robust and impenetrable security ecosystem across financial institutions.
Why Should Organizations Embrace RBI Compliance?
There are multiple reasons to implement necessary policies and procedures supporting in achieving compliance. Some benefits are the following:
Automated compliance management allows organizations to manage the workflow of compliance processes, reduce the dependency on manual or non-automated processes, and ensure compliance task alerts can directly be sent to concerned persons.
The automated process banishes the requirement of repetitive processes of gathering and distributing data, reduces human errors, and saves time and money.
Non-compliance with applicable legal norms attract severe risks that can financially drain organizations and be reputationally damaging. Compliance management tools deliver real-time status, rate risks of individual compliances, and an efficient workflow incorporating notifications and alerts for the non-compliances and reminders for completing compliances.
Customized compliance management solutions offer comprehensive charts and reports on the organization's compliance status that state where the organization stands in terms of the compliance benchmark, highlight the pain points and areas that need attention/improvements, and take preventive steps against potential risks.
Compliance is a potent ingredient for long-term transformation. If everyday behavior originates from training and codes of conduct, and codes of conduct originate from values, formulation and modification of values over time can have a significant impact on organizational behavior. Consequently, values and compliance drive innovation and ever-lasting transformation.
The absence of a compliance function results in haphazard decision-making. Codes of conduct, ethics policies and articulated principles serve as points of reference for usual decision-making.
Security events demand a generic solution- a regulative, directive, or guided. Once the right regulation is established, all manifestations can be managed prudently and consistently.
Unforced errors are a frequent threat to organizational effectiveness that can be thwarted with compliance. External factors such as cybercriminals, scam artists, economic trends, etc., can cause damage to businesses. In these cases, lean management can benefit a business by making waste visible so that organizations can gradually become better.
Compliance can track basic metrics revealing areas of underperformance and make the waste evident while preventing any disputes and misinterpretations.
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Mapping RBI Compliance
Mandatory Actions
Accumulate all the relevant information about business IT Assets, classify the available information, and plan to apply appropriate techniques.
This includes Cyber-crisis Management Plan, Cybersecurity Management Program, and awareness and ensuring protection of customer information.
Identify an official accountable for articulating and enforcing policies protecting information assets, discuss cybersecurity-related issues while ensuring compliance to be followed.
This level comprises Network Management and Security, Application Security Lifecycle, Periodic Testing, Anti-phishing, Data Leak Prevention Strategy, Audit Logs, and Incident Response and Management.
Analyze, detect and remedy unusual activities in IT infrastructure, systems, or applications.
Audit source code, business functionalities, security implementations, security event tracking, etc. to add layered security processes.
This level adopts approaches User Access Control, Advanced Real-time Threat Defense and Management, Maintenance, Monitoring, and Analysis of Audit Logs, and Risk-based Transaction Monitoring.
Arrange continuous surveillance, or set up SOC to protect business and customer data and apply country regulations and laws.
Recommend a suitable and cost-effective technology framework to implement proactive monitoring capabilities.
Approaches/personnel involved: Forensic and Metrics, IT Strategy and Policy, IT and IS Governance Framework, Information Security Committee, Audit Committee of Board, and more.
Cloud4C Managed Compliance Services
Cloud4C’s Managed Compliance Services allow organizations to augment their IT infra, security networks, cloud platforms, data architectures, and software/apps to become utterly compliant adhering to universal regulations and standards.
Coupling with A-star compliance professionalists and modern technologies, we investigate customer landscapes, access functionalities, and workloads to validate whether or not they adhere to respective protocols while bestowing effective strategies and employing critical processes to risk-proof compliance globally. Cloud4C Managed Compliance Services shield critical cloud platforms such as hyperscaler cloud landscape, private clouds, third-party environment, or on-prem or remote ecosystem and help them become fully compliant with the following services:
IRAP
Information Security Registered Assessors Program or IRAP concerns a set of security protocols and frameworks to audit, analyze, and measure cybersecurity efficiency of an organization basis Australian security requirements and standards. This is monitored by the Australian Signals Directorate (ASD)
Bank Negara
A major compliance framework and regulations catering to BFSI activities and banking institutions monitored by Bank Negara Malaysia (BNM)
Central Bank of Oman
Regulations certified by Central Bank of Oman catering to all BFSI functions and banking institutions in Oman
SAMA
Centralized cybersecurity framework and processes regulated by Saudi Arabian Monetary Authority to guide organizations across all industries to effectively protect their operations, assets, and data.
FINMA
Regulations and frameworks offered by the Swiss Financial Market Supervisory Authority to supervise banks, financial institutions, insurance companies, stock exchanges, securities dealers, etc.
UAE Compliances
Broader UAE compliances regarding data residency, privacy, and other regulations governing enterprise functions in the United Arab Emirates.
RBI
Compliance regulations for BFSI activities and financial institutions concerning security, operational management, data administration, etc. Delivered by the Reserve Bank of India, the nation’s premier banking organization.
MAS
Guidelines issued by the Monetary Authority of Singapore, the nation’s central BFSI authority on outsourcing operations and processes of financial institutions.
OJK
Regulations issued and monitored by the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan) on the functioning and operations of financial institutions.
GDPR
General Data Protection Regulation is a set of advanced regulations governing the collection and usage of personal data from individuals residing in the European Union.
PCI-DSS
The Payment Cards Industry Data Security Standard sets frameworks and benchmarks to ensure that all enterprises engaging in accepting, storing, processing credit card data maintain a highly secure environment.
HIPAA
Standards and frameworks set by the Health Insurance Portability and Accountability Act to ensure the privacy, security, and integrity of sensitive patient information. The HITRUST (Health Information Trust Alliance) certification is garnered by healthcare companies as proof that they comply with HIPAA standards.
GXP
The GXP compliance standard is an acronym for regulatory requirements and guidelines applicable for the broader life sciences, food, and medical products, etc (The ‘X’ stands for any letter applicable vertical-wise). For instance, Good Laboratory Practices (GLP), Good Clinical Practices (GCP), Good Manufacturing Practices (GMP).
ISO Standards
Introduced by the International Organization for Standardization, these frameworks certify the global standard requirements applicable to any offering or service. The number after an ISO refers to the concerned category: ISO-27001, ISO-27017, ISO-27018, ISO-22301, ISO-20000, etc.
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An Impact with Difference: Why Partner with Cloud4C for Enterprise Cybersecurity Transformation?
Trusted, World’s largest Application-focused Managed Cloud Services Provider and one of the leading managed cybersecurity companies
Dedicated expertise in end-to-end data security solutions and data security management services including HDLP, DLP, Cloud Data Protection, Threat Intelligence, Database Activity Monitoring, Firewalls Management, Incident Management, etc
Serving 4000+ enterprises including 60+ Fortune 500 organizations in 26 countries across Americas, Europe, Middle East, and APAC for 12+ years
40+ Security Controls, 25+ Centres of Excellence, 2000+ global cloud experts
Pre-met compliance needs for local, national, and global compliance requirements including IRAP, GDPR, HIPAA, SAMA, CSA, GXP, and ISO Certifications
3200 UTMs, 13000 HBSS, 800000 EPS
7 Security frameworks utilizing the MITRE ATT&CK, CIS Critical Security Controls, and more
Comprehensive 24x7 cybersecurity monitoring program
Automated Security Solutions for threat prediction, detection, and response: Advanced Managed Detection and Response Solutions (MDR) including Endpoint Detection and Response (EDR) for deep data security purposes
Global expertise in managed SOC (Security Operations Center) services and solutions dedicated to Data Security Management
Dedicated Cybersecurity Consulting, Cybersecurity Assessment, and Audit Reporting offerings
Advanced Cloud4C Cybersecurity Incident and Response (CSIRT) team
Threat Intelligence powered by Industry-leading platforms such as Microsoft, OSINT, STIX&TAXI, MISP, etc. and Cloud4C Threat experts
Considerable data threat and vulnerability management experience in securing large and complex environments with leading industry tools, proprietary Self-Healing Operations Platform, and cloud-native tools
Experience in deploying and managing robust SIEM – helping enterprises to proactively assess vulnerabilities and automate, accelerate incident response
Comprehensive expertise in the public cloud, hybrid, private, multi-cloud data security management services especially powered by AWS, Azure, GCP, Oracle Cloud, IBM Cloud
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