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### Market Regulator Seeks Updates from Banks on Cybersecurity Framework

New Delhi: The Securities and Exchange Board of India (Sebi) has sought updates from banks on the implementation of the Cybersecurity and Cyber Resilience Framework (CSCRF). Banks have been asked to share details on the number of CSCRF controls or standards they have adopted and to flag any ongoing challenges in ensuring full and timely implementation, said executives aware of the developments.

“We will be submitting the information by the end of this month. The regulator wants to ascertain the challenges and take appropriate action before full implementation becomes mandatory,” said a bank executive, requesting anonymity. As mandated by Sebi, the framework addresses evolving cyber threats, requiring banks to submit audit reports. It also introduced a Cyber Capability Index (CCI) to rate and report cybersecurity readiness.

### Implementation Timeline

The framework was initially set to be implemented by January 1, 2025, but the deadline has been extended twice, first to April 1, 2025, and then to June 30. Sebi has made it clear that there will be no further extension and wants feedback from all stakeholders so that the implementation is not delayed any further. In its March 28 circular setting the new deadline of June 30, Sebi said it received multiple requests for extending the deadline to ensure ease of compliance for banks.

### Provisions and Guidelines

CSCRF contains provisions with respect to various areas such as requirements of IT services, software-as-a-service (SaaS) solutions, hosted services, classification of data, audits for software solutions and applications and products used by regulated entities. In a December 31, 2024 circular, Sebi stated that based on the feedback received on the provisions of data localisation, a need was felt for further consultations.

### Publication Details

Published On Apr 19, 2025 at 09:15 AM IST

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