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In a race to inculcate technology innovations in the payments space, banks and other entities have inadvertently increased their exposure to cyber incidents, thereby creating an urgent need to position a robust governance structure and implement minimum security controls for channels like internet, mobile banking, and card payments.
The Reserve Bank of India has recently released Master Direction on Digital Payment Security Controls vide RBI/2020-21/74 DoS.CO.CSITE.SEC.No.1852/31.01.015/2020-21 dated Feb 18, 2021, where it has highlighted the robust security governance controls following international standards and guidelines like OWASP, NIST, ISO, PCI suite of standards to ensure adequate cybersecurity preparedness among banks, financial services and other entities participating in the payments space.
The guidelines by RBI will come into effect from August 2021. Read more as SISA Information Security simplifies the applicability of the guidelines and respective digital payment security controls in detail.
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