The Reserve Bank of India (RBI) issued Master Directions on Digital Payment Security Controls (DPSC) in August 2021. The DPSC is a comprehensive framework that outlines the security controls that regulated entities (REs) must implement to protect their digital payment systems and customer data.
The DPSC covers a wide range of topics, including:
- Governance and management of security risks
- Generic security controls
- Application security lifecycle
- Authentication framework
- Fraud risk management
- Reconciliation mechanism
- Customer protection
- Awareness and grievance redressal mechanism
- Internet banking
- Mobile payments
- Card payments
MCQs and Answers
Q1. What is the purpose of the RBI Master Directions on Digital Payment Security Controls?
(A) To protect digital payment systems and customer data from cyber threats. (B) To promote innovation in the digital payments sector. (C) To reduce the cost of compliance for regulated entities. (D) All of the above.
Answer: (A)
Q2. What are some of the key requirements of the RBI Master Directions on Digital Payment Security Controls?
(A) REs must have a clear and comprehensive digital payment security policy in place. (B) REs must establish a dedicated digital payment security team. (C) REs must conduct regular digital payment security risk assessments. (D) REs must implement appropriate digital payment security controls to mitigate the identified risks. (E) REs must monitor digital payment security events and incidents on a regular basis. (F) REs must report digital payment security incidents to the RBI promptly.
Answer: (All of the above)
Q3. What is the most important thing that REs should keep in mind when implementing the RBI Master Directions on Digital Payment Security Controls?
(A) To comply with all of the requirements of the DPSC. (B) To implement the DPSC in a way that is appropriate for their specific needs and risks. (C) To regularly review and update their digital payment security practices to keep up with the latest threats. (D) All of the above.
Answer: (D)
Conclusion
The RBI Master Directions on Digital Payment Security Controls are designed to help REs protect their digital payment systems and customer data from cyber threats. By following the DPSC, REs can reduce the likelihood of digital payment security incidents and ensure that their customers have a safe and secure digital payment experience.