Meet RBI, SEBI, IRDAI Cyber Security Needs with Summit IT Asset Management

Indian financial institutions are subject to guidance and regulatory requirements of RBI, SEBI, and IRDAI on the need for an effective cyber security and resilience framework. These require that banking and other financial institutions must ensure their ongoing preparedness against cyber threats across various areas. However, despite the guidance, the regulators recently identified vulnerabilities in IT systems, including computers and laptops, that made the financial organizations potential targets for cyber-attacks. These vulnerabilities are usually caused by ineffective IT asset management (ITAM) capabilities, and the risks this causes, that result from the reliance on spreadsheets and rudimentary in-house solutions with limited capabilities and a lack of scalability.

The RBI cyber security guidance coverage

The guidelines on BFSI cyber security frameworks focus on the following three areas: Cyber Security and Resilience Cyber Security Operations Centre (C-SOC) Cyber Security Incident Reporting (CSIR).

Cyber Security and Resilience
Cyber Security Operations Centre (C-SOC)
Cyber Security Incident Reporting (CSIR).

BFSI organisations must assess their cyber security preparedness under the RBI, SEBI and IRDAI guidance and report the following:

Identified gaps concerning the cyber security and resilience framework
The proposed remediating measures and controls and the respective timeframes
Measurement criteria for assessing effectiveness, including the risk assessment and management methodology employed.

The baseline for cyber security and resilience requirements include:

Inventory management of business IT assets
Preventing execution of unauthorized software
Environmental controls
Network management and security
Secure configuration
Anti-virus and patch management
User access control/management
Secure mail and messaging systems
Removable media
User/employee/management awareness
Customer education and awareness
Backup and restoration
Vendor risk management

BFSI organisations must assess their cyber security preparedness under the RBI, SEBI and IRDAI guidance and report the following:

Identified gaps concerning the cyber security and resilience framework
The proposed remediating measures and controls and the respective timeframes
Measurement criteria for assessing effectiveness, including the risk assessment and management methodology employed.

Banks and financial institutions without an effective ITAM capability face risks related to: 

Non-compliance with regulatory standards and software license agreements
Asset provision and maintenance costs
Misplaced or lost asset inventory
Inaccurate inventory records
Underutilized assets and wastage
Decision-making and investment planning
Asset-based security vulnerabilities
Failing internal and external audits
Operational efficiency and employee productivity issues.

These issues can result in significant unwanted financial consequences for banking and financial institutions with large IT asset inventories, including lost productivity, excessive asset repairs, and replacements, or non-compliance fines.

To minimize these and other cyber security risks, effective ITAM capabilities will help your organization to:

Optimize asset utilization and reduce CapEx and OpEx costs

Maximizing the business value of IT assets by tracking usage, redeploying underutilized resources, and eliminating unnecessary expenses.

Improve operational efficiency

Using workflow automation and artificial intelligence (AI) to streamline and speed up asset processes, facilitate data-informed improvements, and reduce manual errors.

Enforce compliance

Mitigating asset-based risks such as license compliance, renewals, and asset losses through greater control and easier audit preparation practices.

Gain visibility and control

Discovering and tracking hardware and software assets for improved control and compliance and facilitate better decision-making

How SymphonyAI Summit IT Asset Management helps

The SymphonyAI Summit Banking, Financial Services, and Insurance (BFSI) ITAM offering – which combines Summit IT Asset Management, Asset Controller, and Service Automation – helps financial organizations comply with RBI, SEBI and IRDAI guidelines and regulations. Providing capabilities for tracking and managing information related to asset hardware and software, inventory management, stock management, procurement, vendor management, license management, contract management, and more. It results in hard benefits such as a 20-25% reduction in inventory costs and a 17-20% reduction in non-compliance penalties.

Specific Summit ITAM capabilities that help with RBI, SEBI and IRDAI compliance include:

Discovering and tracking hardware and software assets, with a business-centric approach to intelligently optimizing software and hardware usage and demand. Summit looks at your organization’s consolidated historical consumption to analyze where compliance risks are located and how to optimize costs at no additional risk. This can lower the total cost of ownership (TCO) per asset by up to 63%.

Providing accurate and reliable asset inventory data for financial control and compliance – from an asset’s location and value to its condition, maintenance, and repair histories. This saves costs by eliminating redundancy, facilitating routine preventive maintenance, providing the ability to quickly track down and reclaim assets, and eliminating reactive contract renegotiations with vendors.

Providing effective and efficient physical asset tagging and tracking using barcodes, QR codes, and RFID tags. The Summit mobile app for iOS and Android makes physical verification easy and grants maintenance staff access to asset data. These capabilities help financial organizations minimize lost inventory, equipment failures, and downtime, and improve an asset’s lifetime value.

Integrated service management capabilities for incident response and change management to comply with additional RBI, SEBI and IRDAI cyber security framework requirements. By unifying ITSM and ITAM capabilities on a single software platform, financial organizations can benefit from synergies to make more informed decisions and reduce costs.

Ensuring effective endpoint security, control, and compliance. For example, maintain endpoint compliance based on a centralized configuration policy and only allow whitelisted applications to be installed on endpoints. Automated scripts can be run on endpoints for validation or maintenance activities.

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Take control of your business IT assets and be in compliance with all the regulatory bodies

Meet RBI, SEBI, IRDAI Cyber Security Needs with Summit IT Asset Management

The RBI cyber security guidance coverage

The guidelines on BFSI cyber security frameworks focus on the following three areas: Cyber Security and Resilience Cyber Security Operations Centre (C-SOC) Cyber Security Incident Reporting (CSIR).

BFSI organisations must assess their cyber security preparedness under the RBI, SEBI and IRDAI guidance and report the following:

The baseline for cyber security and resilience requirements include:

BFSI organisations must assess their cyber security preparedness under the RBI, SEBI and IRDAI guidance and report the following:

How ITAM capabilities help with the RBI, SEBI and IRDAI cyber security requirements

Optimize asset utilization and reduce CapEx and OpEx costs

Improve operational efficiency

Enforce compliance

Gain visibility and control

How SymphonyAI Summit IT Asset Management helps

If you want to learn more about the RBI, SEBI and IRDAI cyber security requirements and how SymphonyAI Summit IT Asset Management will help.

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