Archives: White Papers

59 percent of CEOs in the Middle East aim to increase their investments in digital transformation by 10 percent or more over the next three years, according to the latest survey results from PwC. On the other hand, the same survey states that 74% of the surveyed CEOs regarded cyberattacks and data leaks as a… Continue reading DIGITIZATION IN UAE | An Answer to the Rising Threats and Vulnerabilities

Navigating risk in the urban banking landscape is perhaps the most crucial topic for any security and compliance boardrooms today. As the banking landscape transforms further due to the adoption of digital technologies, preparing for emerging cyber-attacks will be more challenging. Banks operating in urban regions cannot afford to be ignorant about the emerging landscape… Continue reading RBI Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks: A Graded Approach

Today, digital payments have replaced the use of physical debit and credit cards in the payments industry. Despite all the technological resources that work in favor of the digital payment value chain, cyber crimes are still finding their way. And gradually, they become dangerous threats for the industry participants. Thus, to secure the digital payments… Continue reading NPCI Circular – Third Party Payment Application Providers (TPAP)

As compared to many other advanced less-cash economies, India is experiencing a more prolific growth trajectory in card transactions. In light of this growth in card payments, regulatory and security vigilance around transactions must gain unequivoval importance. As sensitive data breaches are expected to be a persistent topic in the future, tokenisation of card transactions… Continue reading RBI Guidelines on Tokenization in Card transactions

As commercial banks integrate digital technologies into key business processes, they are accruing benefits including enhanced customer experience and agility. This is, however, exposing scheduled commercial banks to greater security threats that require a more sophisticated response beyond traditional risk mitigation techniques. Taking into account the viewpoint from a regulator’s perspective, the RBI’s step to… Continue reading RBI Cyber Security Framework for Scheduled Commercial Banks (SCBs)

In recent years, financial services and banking models have undergone a large-scale transformation with the entry of digital technologies. New methods of online banking, mobile banking, e-banking, and a variety of third-party payment methods have developed rapidly. On the other hand, financial institutions have closely integrated information technology with financial services and now it has… Continue reading RBI Information System (IS) Audit

Considering the critical role being played by payment intermediaries in the online payments space and keeping in view their role vis-à-vis handling funds, RBI has decided to: (as per notification (DPSS.CO.PD.No.1810/02.14.008/2019-20 dated March 17, 2020) Regulate in entirety the activities of Payment Aggregators Provide baseline technology-related recommendations to Payment Gateways RBI has released a detailed… Continue reading RBI Guidelines on Regulation of Payment Aggregators & Payment Gateway

The Reserve Bank of India issued a directive vide circular DPSS.CO.OD.No 2785/06.08.005/2017-18 dated April 06, 2018, on ‘Storage of Payment System Data’ advising all system providers to ensure that, within six months, the entire data relating to payment systems operated by them is stored in a system only in India.

The current period is one of the most happening times for the payment industry in India to thrive and prosper with leapfrogging payment revolutions. While such transformation is catapulting the payments businesses to inspiring heights, it is imperative that the industry acts by a robust framework to ensure the security of its most sensitive assets… Continue reading NPCI System Audit Report (SAR Audit)

In a race to inculcate technology innovations in the payments space, banks and other entities have inadvertently increased their exposure to cyber incidents, thereby creating an urgent need to position a robust governance structure and implement minimum security controls for channels like internet, mobile banking, and card payments. The Reserve Bank of India has recently… Continue reading RBI Issues Master Direction on Digital Payment Security Controls