MCQs 2026

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Multi-Factor Authentication (MFA) is a cornerstone of RBI's cybersecurity guidelines for banks. It significantly enhances security by requiring users to provide two or more verification factors to gain access to resources such as applications, online accounts, and critical systems, thereby preventing unauthorized access.

RBI's cybersecurity framework emphasizes prompt and comprehensive reporting of all cyber incidents. Banks are required to report all cyber incidents, including near misses, to the RBI within a stipulated timeframe (e.g., 6 hours for major incidents, 2-6 hours for others, as per current guidelines, which would be well-established by 2026) to enable timely response and analysis.

The RBI's Master Direction on Cybersecurity Framework in Banks mandates the appointment of a Chief Information Security Officer (CISO) to oversee and manage the bank's cybersecurity posture. This role is crucial for establishing and maintaining a robust cybersecurity governance framework.

The RBI's Digital Lending Guidelines emphasize robust data privacy and security. Lenders are mandated to ensure that data collection is need-based, with explicit consent from the borrower, and that all collected data is stored securely, adhering to data localization norms where applicable.