The Reserve Bank of India on April 8 said it will issue directions around cyber-security resilience and payment security related control measures to payment system operators (PSOs).
Payment systems play a catalytic role in facilitating financial inclusion and promoting financial stability. To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators, RBI Governor Shaktikanta Das said.
Maintaining the safety and security of payment systems is a key objective of RBI, Das said.
RBI said in a statement, 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 has prescribed the necessary security controls for digital payment products and services offered by banks and credit card issuing NBFCs. It is proposed to issue similar directions for Payment System Operators (PSOs), covering robust governance mechanism for identification, assessment, monitoring and management of cybersecurity risks including information security risks and vulnerabilities, and specify baseline security measures for ensuring safe and secure digital payment transactions.
The central bank said the directions will be issued shortly.
