Draft Security Standards for The Financial Technology Sector in India
Information security standards provide a framework for the secure development, implementation and maintenance of information systems and technology architecture. This document includes draft information security standards, which seek to ensure that not only the data of users is dealt with in a secure and safe manner but also that the smaller businesses in the fintech industry have a specific standard to look at in order to limit their liabilities for any future breaches.
By: Vipul Kharbanda
with inputs from: Prem Sylvester
Information security standards provide a framework for the secure development, implementation and maintenance of information systems and technology architecture. Regulatory policies often cite several information security standards as a baseline that is to be complied with in order to ensure the adequate protection of information systems as well as associated architecture. Information security standards for the financial industry provide consideration to the specific risks and threats that financial institutions may face, making them an integral part of the process of ensuring business and operational sanctity.
There is an urgent economic interest in ensuring robust security of the financial technology sector within the country. This interest is amplified considerably due to the policy push seeking to shift India towards the realisation of a ‘cashless society’. This recent policy push has in part led to the ubiquitous adoption of technology-centric financial services such as PayTM, PhonePe, Mobikwik and others. The current landscape with respect to security standards for financial institutions in India appears to be multi-pronged; with multiple standards in place for companies to implement.
The report can be accessed in full here.
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