1. Introduction

A. The PSB is a large public sector bank operating across the country with a diverse range of customers and stakeholders. The bank’s technology infrastructure includes a wide range of systems and applications, including online banking, mobile banking, and core banking systems. The bank has established information security policies and procedures in place to ensure the confidentiality, integrity, and availability of its information assets.

B. Our audit firm has extensive experience in conducting cybersecurity audits for PSBs and other financial institutions. Our team comprises experienced professionals with a diverse range of skill-sets, including cybersecurity, risk management, and audit. The team leader has over 15 years of experience in the banking industry, specializing in cybersecurity and risk management.

2. PSB Cybersecurity Environment

The PSB operates in a highly regulated environment and has established robust cybersecurity policies and procedures to protect its information assets. The bank’s cybersecurity framework includes a range of controls, such as access controls, network security, vulnerability management, and incident response. The bank’s technology infrastructure includes a range of systems and applications, including core banking systems, online banking, and mobile banking applications. The bank also complies with various regulatory requirements, such as the Reserve Bank of India’s Cyber Security Framework.

3. Background

The PSB engaged our audit firm to conduct an audit of its cybersecurity framework to identify potential gaps and provide recommendations for improvement. The objective of the audit was to assess the effectiveness of the bank’s cybersecurity controls in mitigating cyber threats and ensure compliance with regulatory requirements.

4. Situation

During the audit, we identified several areas of concern that require attention to further enhance the effectiveness of the PSB’s cybersecurity framework. These included inadequate cybersecurity training for employees, inadequate access controls for privileged accounts, and inadequate incident response procedures.

5. Terms and Scope of Assignment

The audit focused on assessing the effectiveness of the PSB’s cybersecurity controls in mitigating cyber threats and ensuring compliance with regulatory requirements. The scope of the audit included a review of the bank’s cybersecurity policies and procedures, technology infrastructure, access controls, network security, vulnerability management, and incident response procedures.

6. Logistic Arrangements Required

The audit required access to the bank’s technology infrastructure, including systems, applications, and data. The audit team used various Computer-Assisted Audit Techniques (CAATs), such as vulnerability scanners, network scanners, and penetration testing tools, to assess the effectiveness of the bank’s cybersecurity controls.

7. Methodology and Strategy

Adapted for Execution of Assignment The audit was conducted in accordance with the Information Systems Audit and Control Association (ISACA) standards and guidelines. The audit methodology comprised four stages: planning, fieldwork, reporting, and follow-up. The audit team used a risk-based approach to identify the key areas of concern and focus on the areas that pose the greatest risk to the bank.

8. Documents Reviewed

During the audit, we reviewed various documents, including the bank’s cybersecurity policies and procedures, incident response plan, network diagrams, access control policies, and vulnerability assessment reports. These documents provided valuable insights into the effectiveness of the bank’s cybersecurity controls and helped us identify potential gaps.

9. References

For this assignment, the following references will be used:
• Background material provided by the PSB
• ISACA Cybersecurity Guidance and Practices
• NIST Cybersecurity Framework
• RBI Guidelines on Cybersecurity Framework in Banks
• ISO 27001:2013 Information Security Management System

10. Deliverables

The deliverables for this assignment will include the following:
• Draft and final versions of the IS Audit Report
• Executive summary highlighting key findings and recommendations
• Detailed findings and recommendations report
• Presentation to the management of the PSB summarizing the key findings and recommendations

11. Format of Report/Findings and Recommendations

The report will be divided into the following sections:
• Executive summary
• Introduction
• Methodology
• Scope of the audit
• Background
• Cybersecurity Framework review
• Findings and recommendations
• Conclusion
The findings and recommendations section will be divided into subsections based on the different areas of the cybersecurity framework that were reviewed. Each finding will be clearly identified, and specific recommendations will be made to address the issue. The recommendations will be prioritized based on their severity and potential impact.

12. Summary/Conclusion

In conclusion, the audit of the PSB’s Cybersecurity Framework will provide valuable insights into the bank’s ability to protect against cyber threats. The audit will identify areas of strength and weakness in the bank’s cybersecurity framework and provide specific recommendations to improve the bank’s cybersecurity posture. The audit report will be a useful tool for the bank’s management to prioritize their cybersecurity investments and improve their overall cybersecurity preparedness.