The Reserve Bank of India invited the comments on the draft of Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators on June 2nd 2023.
These Directions aim to improve safety and security of the payment systems operated by PSOs by providing a framework for overall information security preparedness with an emphasis on cyber resilience.
The apex bank has placed on the website the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators for feedback from stakeholders.
The drafts include baseline security procedures for guaranteeing safe and secure digital payment transactions as well as governance mechanisms for the identification, assessment, monitoring, and management of cybersecurity issues, including information security risks and vulnerabilities.
The Reserve Bank of India (RBI) will establish guidelines on cyber resilience and payment security controls of payment system operators (PSOs), it was revealed in the Statement on Developmental and Regulatory Policies released as part of the Monetary Policy Statement dated April 8, 2022.
The draft contains 4 Sections and 32 sections. According to the draft, The Master Directions shall be called the Reserve Bank of India (Cyber Resilience and Digital Payment Security Controls for PSOs) Master Directions, 2022 (Master Directions, Directions).
The Payment System Operators (PSO) shall put in place a comprehensive data leak prevention policy for confidentiality, integrity, availability and protection of business and customer information (both in transit and at rest) in respect of data available with it or at vendor managed facilities, commensurate with the criticality and sensitivity of the information held / transmitted.
The Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai – 400 001, on or before June 30, 2023.
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