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

Current Affairs

  • 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.

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