RBI’s Masterstroke To Enhance Digital Security

The regulator was always concerned about the security of digital transactions and time and again they came out with guidelines. But these comprehensive guidelines are a very big move by RBI to ensure that there is a uniformity of security controls across the banking ecosystem. This newer framework is a mix of some of the old guidelines and newer controls which makes a very strong control mechanism. The good part is, the guideline has covered all payment channels be ATM, Net banking, card, mobile, etc. in a well-integrated risk framework. The globally accepted PCI DSS guidelines are now formally mandated for card processing which is a very good move towards card security in overall transaction processing. Upon effective implementation of this guideline, it will surely help to safeguard the IT backbone of the banks and also will enhance customer’s trust as for the first time the guideline has addressed concerns about digital frauds in detail.

Cyber-attack and data breaches will continue to happen. However, these guidelines have mandated a mechanism for 24X7 monitoring on such breaches which will help for early detection of such breaches and respond instantly. This will be a great move to equip banks with a strong…