Developing a Framework to Measure Cyber Resilience Behaviour of Indian Bank Employees

Abstract

Banks have technology-driven business model and are heavily dependent on the Internet. As banks continue to digitize, the attack surface is increasing. Cyber-crimes have the propensity to impact not only an organization’s reputation but also its profitability and economic growth. The apex bank of the country, Reserve Bank of India (RBI), has detected 50,547 cyber-frauds worth a whopping INR 145.08 Crore in India’s scheduled commercial banks the financial year 2018–19 (Ganjapure, V.: RBI reports over 50,000 cyber frauds in FY 2018–19. Times of India (2019). Retrieved from: https://timesofindia.indiatimes.com/city/nagpur/rbi-reports-over-50000-cyber-frauds-in-fy-2018-19/articleshow/71174635.cms#:~:text=NAGPUR%3A%20The%20Reserve%20Bank%20of,credit%20cards%20and%20internet%20banking ) [6]. Hence, the need for banks to be cyber resilient is becoming more and more essential. Cyber resiliency of an organization depends on the IT infrastructure and cyber security measures undertaken; however, a prominent factor to achieve resilience depends on the employees. Confronted with this bleak realization, it is only recently that the need for cyber resilient culture has come into existence. While seminal contribution has been made in the field of cyber security measures in the banking sector, these have typically proposed and explored techniques to enhance infrastructure rather than cyber resilient behaviour. There is a need to look at the cyber resilient behaviour of employees as a potential source of cyber resilience of bank as a whole. This paper presents a novel framework to measure cyber resilience behaviour of Indian bank employees. Cyber-attacks are inevitable, but what will matter now is how fast a bank can recover from vulnerabilities, and this will heavily depend on cyber resiliency of the staff.