RBI’s Directions To Improve Cyber Resilience across Digital Payments Ecosystem
The Reserve Bank of India (RBI) has taken a significant step towards bolstering the security of India's digital payments ecosystem with the release of its Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) on June 2, 2023. These Directions aim to improve overall information security preparedness, with a strong focus on cyber resilience, and are a testament to the RBI's commitment to safeguarding the integrity and reliability of digital transactions in India.
A Multi-Layered Approach to Security:
The Directions adopt a comprehensive approach to security, encompassing multiple layers of protection:
Governance and Accountability: PSOs are mandated to establish a Board-approved Information Security (IS) policy, outli...