Panel: Complying with RBI's Security DirectionExperts Outline Key Compliance Steps
To comply with the Reserve Bank of India's security master direction, organizations must involve their boards in risk assessments and building security awareness, a panel of experts says.
Key steps include mapping all forms of risks and devaluing the data, says Nitin Bhatnagar, associate director at the PCI Security Standard Council.
Balancing the trade-off between user experience and security is critical with the emergence of fintech companies, which have substantial security shortcomings, says Sriram Natarajan, president, Quinte Financial Technologies, a global fintech company.
Organizations need to look at every aspect of RBI's security requirements to ensure compliance and involve the board in their risk assessment plan along with a security governance structure, says Prasanna Lohar, head of digital innovation and architecture at DCB Bank.
In this video panel discussion, the three experts also offer insights on:
- Creating an enterprise risk management plan;
- Complying with mobile payments risks standards;
- The evolution of a software security framework for payments.
As associate director for India at the PCI Security Standards Council, Bhatnagar's responsibilities include gathering feedback from industry leaders, driving education efforts, increasing PCI participation through involvement in local and regional events, and hosting industry conferences and meetings with key stakeholders.
Natarajan, president of Quinte Financial Technologies, is a banking and fintech specialist with more than 30 years of experience. He worked on the launch of EMV in the Middle East, internet-only cards, multicurrency prepaid cards, scorecards for emerging markets, and many other projects.
Lohar, head of innovation AND security architecture at DCB Bank, has more than 20 years of industry experience in engineering and development; product development; organization strategy and governance; risk audit compliance management; and business process management. As part of DCB's digital transformation, he is involved in technology assimilation, experimentation, and innovative customer servicing and engagement.