RBI Cyber Security Guidelines for NBFCs: Ensuring Data Protection & Compliance
RBI Cyber Security Guidelines NBFCs
Increasingly, cyber threats and attacks originating in internal or external sources are targeting not only banks but also nonbank financial companies. In order to address this issue, guidelines and regulations for NBFCs have been established by regulatory authorities such as the Reserve Bank of India RBI and National Housing Bank to ensure that financial transactions and customer data are safe.
These guidelines are applicable to any banking, neo-banking, credit, and other financial institution in India. In order to ensure cyber security preparedness, the RBI Guidelines on Cyber Security Framework were issued on 2 June 2016, pointing out that information security controls, policies, and regular 3rd party audits are important.
In order to safeguard from cyber threats and mitigate the risk of damage to reputation, data breaches, or financial loss, NBFCs are advised to adopt an information technology framework set up by RBI and NHB. These guidelines require NBFCs to set up a proper policy framework with enhanced monitoring of accounts that may be terrorists linked and swift identification of transactions.
Our audit methodology is designed to provide comprehensive assurance of compliance with RBI and industry regulations
Our Approach
Audit Scope and Information Gathering
Define audit objectives and gather organizational, IT, and risk-related information to inform the audit process.
Business Process and Control Assessment
Assess internal controls, IT security policies, and cyber governance frameworks to ensure effective management.
Documentation Review
Review policies, procedures, and evidence for compliance with RBI requirements.
Preliminary Audit
Conduct a readiness check to identify nonconformities and areas for improvement.
Consultation for Corrective Action
Provide actionable remediation guidance to address compliance gaps and ensure effective resolution.
Final Audit and Evidence Verification
Verify corrective actions, validate evidence, and ensure adherence to RBI guidelines.
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