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Lumiverse Solutions – L1 Bank Compliance Guideline

A structured compliance framework by Lumiverse Solutions designed to help L1 banks align with regulatory standards, enhance cybersecurity posture, and ensure data protection across all digital operations. This guideline supports banks in achieving audit readiness, risk mitigation, and ongoing regulatory adherence.

Based on RBI Master Directions on IT Governance, Risk, Controls and Assurance Practices

Third Party Risk Management Services:

IT Governance

  • Establish a basic IT Governance Framework.

  • Board approval of IT and Cybersecurity policies (at least annually).

  • Designate a senior management person to oversee IT strategy (no ITSC required).

  • Document roles and responsibilities.
Third Party Risk Management Services:

IT Infrastructure & Services Management

  • Maintain a basic inventory of IT assets.

  • Avoid the use of unsupported hardware/software.

  • Track AMC and EOS dates for IT hardware/software.

  • Ensure basic physical security controls in server rooms or critical infra locations.
SCADA & ICS Security

Risk Management

  • Document and review IT risk policy annually.

  • Identify basic cyber risks and establish mitigation plans.

  • Review policies during internal audits.

  • Identify, assess, and mitigate risks to ensure compliance.

RBI-Compliant IT Governance and Risk Control Framework for Banks

Cybersecurity & Compliance

  1. Implement basic firewall, antivirus, and DLP (Data Loss Prevention) solutions.

     

  2. Conduct annual Vulnerability Assessment (VA), SAR (Security Assessment Review), and GAP Assessments to identify and address security gaps.

     

  3. Develop and maintain a foundational Cybersecurity Policy and Incident Response Plan.

     

  4. Use lightweight SIEM (Security Information and Event Management) tools and basic Asset Tool Management for infrastructure visibility and compliance tracking.

Business Continuity & Disaster Recovery

  1. Prepare a documented BCP/DR policy.

  2. Conduct DR drill once per year.

  3. Maintain offsite backups and test restoration annually.

Information Systems (IS) Audit

  1. Conduct basic IS audits annually.

  2. Leverage third-party auditors if the in-house team is unavailable.

  3. An audit trail should be enabled in all business-critical applications.

Roles and Responsibilities

  1. Asset monitoring

  2. Cyber hygiene

  3. IT policy enforcement

dark pattern

Mandatory Controls

  • Basic user access control

  • Antivirus/malware protection

  • Single firewall setup

  • Patch updates tracked manually

Optional Recommended Controls

  • Centralized logging system

     

  • Basic endpoint detection & response (EDR)

     

  • Limited MFA setup for core systems

Reporting & Review Frequency

Item

Frequency

IT/Cybersecurity Policy Review

Annual

DR Drill

Annual

VA

Quarterly

IS Audit

Quarterly

Management Reporting

Quarterly

Lumiverse Solutions – L1 Bank Cybersecurity & Compliance Framework
A comprehensive compliance guideline tailored by Lumiverse Solutions to help Level 1 (L1) banks meet regulatory, cybersecurity, and operational standards. This framework outlines key areas including governance, risk management, data protection, and audit readiness to ensure secure, compliant, and resilient banking operations. Designed for proactive alignment with RBI directives, ISO 27001, and financial sector best practices.
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