Book Description

This book discusses the critical role of IT security within the banking sector, highlighting the need to protect physical and digital assets from the increasing threats of cyberattacks. With rapid advancements in digital finance, the book emphasises the necessity for professionals to understand IT security's foundational principles, from managing risk to implementing secure infrastructures. It is designed specifically for the banking sector; this book provides an in-depth examination of the essential elements of IT security and serves as a guide for professionals aiming to enhance the security of their institutions. This book benefits IT professionals, bankers, and students pursuing certification in IT security, equipping them with practical knowledge of security controls, threat management, and regulatory compliance. The Present Publication is the 2024 Edition, revised and updated by Dr Pradeep Kumar | Professor of Information Technology and Systems – IIM Lucknow, and vetted by Dr Deepak Kumar Tomar | Professor and HoD, Computer Science & Engineering Department – MANIT Bhopal. Taxmann exclusively publishes this book for the Indian Institute of Banking and Finance with the following noteworthy features: • [Understanding IT Security in Banking] The book provides an essential introduction to the fundamentals of IT security, focusing on the critical role it plays in safeguarding banks' infrastructures. It covers the key objectives of information security—confidentiality, integrity, and availability—along with the importance of secure IT governance and compliance with industry standards • [Implementation of Security Controls] The book discusses the practical application of IT security controls, including securing hardware, software, and network systems within banks. It emphasises the importance of physical and environmental controls and the management of software development processes to ensure a robust security posture. With real-world examples, the book illustrates how these controls mitigate threats and ensure system resilience • [Addressing IT Security Threats] This book discusses modern cybersecurity challenges, such as malware, viruses, and data breaches, providing strategies for preventing and managing these risks. It covers fault-tolerant systems, incident management, and business continuity to ensure minimal downtime during an attack. The book also discusses the evolving nature of security threats, preparing professionals to stay ahead of emerging risks • [IS Audit and Regulatory Compliance] The book thoroughly examines the role of audits in ensuring IT security compliance with regulatory standards, particularly those set by the Reserve Bank of India (RBI) and other Indian authorities like SEBI and TRAI. It provides an in-depth look at audit methodologies and regulatory mechanisms, equipping readers with the tools needed to ensure their institutions meet legal and security standards The book adopts a modular approach, ensuring a coherent and logical flow of content across its four modules, which are as follows: • Module A – IT Security Overview o Introduction to Information Security – This unit provides a comprehensive introduction to information security, focusing on the objectives and essential attributes of securing data within banking infrastructures. It discusses both physical and logical security measures and offers insights into organisational security goals o Corporate IT Security Policies – This chapter covers the creation and implementation of corporate security policies, discussing their legal requirements and the need for awareness initiatives to ensure proper security measures are in place o Organisational Security and Risk Management – Focuses on risk metrics, security governance, and frameworks for managing security threats in public sector organisations and banks o Hardware and Software Security – Discusses how to secure network devices, cloud computing systems, and operational software in the banking, telecom, and IT industries. It emphasises the importance of protecting both hardware and software assets o Security Standards and Best Practices – Covers international standards such as ISO 27001 and COBIT, providing readers with globally recognised best practices for managing IT security in banking • Module B – IT Security Controls o Asset Classification and Controls – Focuses on classifying and securing information assets and managing traditional and digital security systems, including OSI models and information management security o Network Controls – Discusses controls used in layered networks, including VLANs, firewalls, and intrusion detection systems (IDS). It explores the benefits of unified threat management (UTM) in securing banking networks o Controls in Software Development – Covers secure development processes, cloud computing, and big data controls, ensuring that banking systems are safe from development through to maintenance • Module C – IT Security Threats o Overview of Security Threats – Explores the diverse range of security threats banks face, including cyber espionage, cyber terrorism, and hacking attempts o Prevention of Software Attacks – Offers strategies to mitigate software-related attacks, covering malware, viruses, and various controls to protect banking systems o Incident Management and Business Continuity – Focuses on managing incidents effectively to minimise damage and downtime. It also provides guidelines for ensuring business continuity and disaster recovery • Module D – IS Audit and Regulatory Compliance o Information Systems Audit – Introduces the history and methodologies of IS audits, covering planning, execution, and reporting for both internal and external audits in banking systems o Regulatory Mechanisms in Indian Banks – Details the regulatory standards enforced by the RBI, including compliance measures and initiatives like the Gopalakrishna Working Group, ensuring that banks maintain legal and security standards