The Reserve Bank of India (RBI) on June 2nd released draft Master Directions on Cyber Resilience & Digital Payment Security Controls for payment system operators (PSOs) which encompass governance mechanisms for identification, evaluation, monitoring, and management of cybersecurity risks.

Before June 30, the central bank has issued a comment request to interested parties. The boards of payment system operators will be in charge of making sure that information security risks, including cyber risk and cyber resilience, are adequately supervised, according to the draught circular. However, the primary oversight might be given to a board subcommittee that must meet at least once every three months.

According to the draught note, "The Payment System Operators shall develop an Information Security (IS) policy that has been approved by the board to manage potential information security risks encompassing all applications and products relating to payment systems as well as management of risks that have materialised."

Payment System Operators regulations were designed to enhance the security of payment systems and protect the interests of users. PSOs are required to formulate and implement a robust information security policy that addresses various aspects of cybersecurity. This policy should outline the PSO's commitment to maintaining the confidentiality, integrity, and availability of payment systems and sensitive data.

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