Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for PSOs

June 5, 2023

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.

Governance Mechanism and Baseline Security Measures

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.

Securing Digital Payment Transactions

One of the primary objectives of the draft Master Directions is to enhance the security of digital payment transactions. By implementing the recommended measures, PSOs will be better equipped to protect sensitive customer information and financial data from potential threats. The directions emphasize the importance of creating a resilient system that can withstand cyber attacks and safeguard the integrity of transactions.

Continued Applicability of Existing Security Instructions

While introducing these new guidelines, the RBI has clarified that the existing security instructions for payments made using cards, Prepaid Payment Instruments (PPIs), and mobile banking will remain applicable. This ensures that the security standards and risk mitigation measures prescribed earlier are not compromised during the transition to the new framework.

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