Digital Innovation Strategy
In order to strengthen the audit and compliance efficiencies, IDFC bank was looking for a solution which can assess the cyber resilience readiness in continuous monitoring and auditing mode. For this, Cyber Security Maturity Model (CSMM) was developed as a comprehensive analytical solution which encapsulates the cyber security approach adopted by global regulators such as RBI, HKMA, MAS, OCC and FSA.
The CSMM assesses the organization on five key principles: enterprise security controls, IT infrastructure security, endpoint security and security monitoring and outsourcing. These five principles were further converted into 300 control data points to assess the cyber security practice institutionalized within the bank.
This solution helped the management to determine more quickly and accurately where it should be focusing attention and resources in order to improve processes, implement course corrections, addresses risks, or launch initiatives to better enable the enterprise to achieve cyber security resiliencies. This solution also helped the organization to adapt the changes in the risk and regulatory climate more quickly and effectively.
The solution has also been offered to the working group on Cyber Security Assessment Framework (CAF-WG) set up by RBI to assess other financial institutions readiness on cybersecurity maturity.