The Reserve Bank of India on Friday said it will soon release directions on cyber resilience and payment security controls for Payment System Operators. These directions will cover robust governance mechanisms for identification, assessment, monitoring and management of cybersecurity risks. It will also include information security risks and vulnerabilities and specify baseline security measures for ensuring safe and secure digital payment transactions. The directions will be issued shortly.
“Payment systems play a catalytic role in promoting financial stability and facilitating financial inclusion,” the RBI said. “Maintaining the safety and security of these systems is a key objective of RBI. With greater adoption of digital payment modes, it is important to ensure that payment system infrastructures are not only efficient and effective but also resilient to conventional and emerging risks, specifically those relating to cyber security.”
RBI had earlier prescribed necessary security controls for digital payment products and services offered by banks and credit card issuing NBFCs.
