RBI PREPAID PAYMENT INSTRUMENTS (PPI) AUDIT

RBI vide notification dated December 9th, 2016 mandated all Prepaid Payment Instruments issuers or organisations applying for PPI license to undergo a special audit.

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Overview

With the innovation of the digitalization of payment methods in India, the digital methods of transactions, especially e-wallets services have acquired propulsion. By which the risk while using these online payments method increased for common peoples. Preserving all these things in mind the Reserve Bank of India has established a framework for the Payment Equipment Providers so that the users can transact their payment on the proper risk-free transaction methods.

What is PPI?

On 9th December 2016, RBI revised all the Prepaid Payment Instruments for clients and the organization. They had undergone PPI License and conduct a special audit.

However, the PPI Technical Audits assist the users by delivering all the important updates required to enhance the security posture. In December 2016, RBI also made this audit compulsory while preventing unauthorized access and speedup the digital transactions. Since all the organizations which are executed Prepaid Payment Instruments are needed to perform this Audit while defending your organizations valuable assets.

Why PPI Audit is Required?

The Reserve Bank of India has laid down a framework for the Payment Instrument Providers and made it compulsory to comply to the master directions, so that the customers can rely on the proper and risk-free transaction methods.It is mandatory for PPI issuers to be audited yearly inorder to get PPI license.

Xiarch conducts CISA Audit and helps the PPI issuers by providing them with the necessary suggestions and recommendations needed to strengthen their security posture.

If your organization uses Prepaid Payment Instrument,It is mandatory to undertake this audit and protect your company’s valuable assets.

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Scope of the Audit
  • Security controls shall be tested both for effectiveness of control design (Test of Design– ToD) and control operating effectiveness (Test of Operating Effectiveness – ToE).
  • Technology deployed so as to ensure that the authorised payment system is being operated in a safe, secure, sound and efficient manner.
  • Evaluation of the hardware structure, operating systems and critical applications, security and controls in place, including access controls on key applications, disaster recovery plans, training of personnel managing systems and applications, documentation, etc.
  • Evaluating adequacy of Information Security Governance and processes of those which support payment systems.
  • Compliance as per security best practices, specifically the application security lifecycle and patch / vulnerability and change management aspects for the authorised system and adherence to the process flow approved by RBI.
  • Comment on the deviations, if any, in the processes followed from the process flow submitted to RBI while seeking authorisation.
PPI Issuers Framework
  • Application Life Cycle Security: The source code audits shall be conducted by professionally competent personnel / service providers or have assurance from application providers / OEMs that the application is free from embedded malicious / fraudulent code.
  • Security Operations Centre (SOC): Integration of system level (server), application level logs of mobile applications (PPIs) with SOC for centralised and co-ordinated monitoring and management of security related incidents.
  • Anti-Phishing: PPI issuers shall subscribe to anti-phishing / anti-rouge app services from external service providers for identifying and taking down phishing websites / rouge applications in the wake of increase of rogue mobile apps / phishing attacks.
  • Risk-based Transaction Monitoring: Risk-based transaction monitoring or surveillance process shall be implemented as part of fraud risk management system.
  • Vendor Risk Management: The agreement with service provider that consist right of audit/ inspections, all the information resources have to accessed by RBI, legal and regulatory requirements. They should review all the security processes and also include security clause on disclosing security breaches.
  • Disaster Recovery: PPI issuer shall consider having DR facility to achieve the Recovery Time Objective (RTO) / Recovery Point Objective (RPO) for the PPI system to recover rapidly from cyber-attacks / other incidents and safely resume critical operations aligned with RTO while ensuring security of processes and data is protected.

What We Deliver ?

It’s an important practice that gives organizations visibility into real-world threats to your security. As part of a routine security check, penetration tests allow you to find the gaps in your security before a hacker does by exploiting vulnerabilities and providing steps for remediation.

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Digital Report

Our experts will furnish an itemized security evaluation report with legitimate remediation steps to be taken.

Distinguish Security Weaknesses inside your Digital Asset permitting you to proactively remediate any issues that emerge and improve your security act.


Security Certificate

After executing patch verification, show Customers, Stakeholders your commitment towards security, and secure necessary assets.

Comply with numerous regulative bodies that mandate regular Security Testing be performed among your infrastructure.


Skilled Consultants

We also assured you that your assessments are executed by Qualified Experts.

Our group of security specialists holds industry capabilities, for example, CHECK Team Member and Team Leader, CEH, ECSA, OSCP, CISA, CISSP, and many more.

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Why Xiarch ?

Xiarch is a CERT-IN Empanelled & ISO 9001:2015 | ISO 27001-2013 Licensed Cyber Security Company and IT Services Company with solutions providers in Information Security like VAPT Services, Penetration Testing Services, Vulnerability Assessment Services, Among our consumers we proudly work for Government Organizations, Fortune one thousand Companies and countless start-up companies. We are additionally Value Added Partners, Authorized Re-sellers & Distributor of Leading Web Application Security Testing Tools.

We are headquartered in Delhi and have branch presence in Gurugram, Mumbai and Chennai - India

Contact our sales team @ +91-9667916333 for further clarifications on above stated service, you can also reach us by an email at [email protected]. We’ll be great full to serve you. Happy Security.

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Test the effectiveness of your own security controls before malicious parties do it for you. Our security experts are here to help — schedule a call today.

Xiarch Security is an global security firm that educates clients, identifies security risks, informs intelligent business decisions, and enables you to reduce your attack surface digitally, physically and socially.

Certified Security Experts

Our security experts are exceptionally qualified and confirmed by CEH, ECSA, OSCP, CISA, CISSP, and numerous others.

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Once your team addresses remediation recommendations, Xiarch will schedule your retest at no additional charge.