Reserve Bank of India (RBI) releases draft rules on cyber resilience, digital payment security controls for PSOs

The Reserve Bank of India (RBI) has recently made an important move in the field of cyber resilience and digital payment security.
They have released the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs).
This draft aims to provide comprehensive guidelines and measures to strengthen the cybersecurity framework in the digital payment ecosystem.
The primary emphasis of the draft Master Directions is to establish a strong governance framework aimed at identifying, evaluating, monitoring, and handling cybersecurity risks effectively.
It aims to ensure that PSOs, specifically authorized non-bank operators, are well-prepared to tackle traditional and emerging information systems and cyber security risks.
These directions lay down the foundation for baseline security measures that must be implemented by PSOs to facilitate safe and secure digital payment transactions.
As per the directions, the Board of Directors (Board) of the PSO shall be responsible for ensuring adequate oversight over information security risks, including cyber risk and cyber resilience.