Since the volume of digital payments in India is significantly increasing with every passing year, it is very important to focus on the implementation of security controls around digital payments. To ensure that the security of modern financial data is never followed in the wrong hands, it is very important for people to focus on introducing the security framework, which will provide businesses with the best opportunity to focus on perfect practises. The master direction, in this case, will be establishing the security control for the digital payment, which was released on 18th February 2021, and all of the security controls are extremely applicable for the regulated entities, including the scheduled commercial banks, payment banks and the small finance banks along with credit card issuing non-banking management corporations.
What are the general controls associated with RBI DPSC?
The concept of RBI DPSC will definitely cover the basic areas like general control, internet banking, mobile banking payment control, card payment security and other associated things. Some of the general highlights are:
- Governance and management of the security element: This point will definitely provide people with a good hold over the identification, analysis, management, and monitoring of the risk along with compliance so that digital payment products will be very well sorted out and everybody will have a good command over the risk management program.
- Application security life-cycle: This part is directly associated with digital payment applications along with the implementation of the necessary security controls so that handling, storage, and protection of the payment data will be very well done. This part is all about ensuring the protection of applications in the form of OWASP, data protection guidelines, and threat catalogs, which will be helpful in providing people with an element of compliance.
- Authentication framework: This point is all about implementing multi-factor authentication for the payment and transfer of funds through the electric mode, including the payment applications. It is important for organizations to focus on appropriate authentication methodology so that determination of the things will be very well done in terms of risk assessment, which will be generally dynamic and non-replicable.
- Fraudulent risk management: There are a good number of entities that will be implementing the security controls in terms of configuration aspects so that identification of suspicious transaction behavior will be done and, further, everybody will have a good understanding of the velocity system. Having a good command over the parameters associated with the high-risk merchant category codes is important so that counterfeiting will be eliminated, and further, everybody will have a good command over the basic transactional system.
Hence, it is definitely important for people to get in touch with the best options of companies in this area so that everybody can enjoy accessibility to the premier security solutions, which will facilitate zero coding protection and ultimately help in improving the runtime attack protection very easily. In this case, the chances of any compromise of the application performance will be the bare minimum, and people will be able to protect the data from unauthorised access very easily.