As CERT-In empaneled cybersecurity audit organization, DigiFortex provides a smooth and robust compliance solutions for Cyber Security Audit Framework developed by IRDA.
Our team of skilled auditors and consultants prioritizes transparency, accuracy, and actionable insights, helping you not only meet compliance but also enhance the integrity and resilience of your information systems. DigiFortex goes beyond basic auditing by offering guidance to strengthen your IT processes, protect assets, and secure data integrity, ensuring your systems function effectively under all conditions.
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IRDA Cybersecurity Compliance for Insurers
Insurers handle vast amounts of sensitive data, from personal details to confidential health information, which is often shared with third parties such as service providers and reinsurers. With multiple touchpoints, including call centers and service repositories, this data must be managed on a strict "need to know" basis to prevent leaks and safeguard policyholder privacy. Any exposure of personal data can lead to severe consequences, including harm to policyholders and damage to the insurer's reputation.
To address these risks, the Insurance Regulatory and Development Authority of India (IRDAI) has established a comprehensive cybersecurity framework to enforce secure data handling and strong governance mechanisms.
Key Objectives of the IRDA Cybersecurity Framework
Board-Approved Cybersecurity Policy: Insurers are required to establish a Board-approved Information and Cyber Security policy.
Implementation Protocols: Insurers must define clear procedures for handling cyber security issues and implementing protective measures.
Risk Mitigation: Insurers need to be prepared to identify and mitigate cybersecurity risks effectively.
Cyber Crisis Management Plan: A governance structure is mandated for implementing and updating a Cyber Crisis Management Plan to address security threats.
The guidelines apply to all insurers regulated by IRDAI and cover all data created, received, or maintained by insurers across all platforms and formats.
IRDAI CS Guidelines:
https://irdai.gov.in/documents/37343/366029/IRDAI+CS+Guidelines+2023.pdf/81730785-1f51-977b-5a92-d9cfd7eb2cd6?version=1.0&t=1682401978542&download=trueAdditionally, the framework mandates that an insurer's Risk Management Committee conduct an annual cybersecurity audit, including Vulnerability Assessment & Penetration Testing (VAPT), with findings reported to IRDAI.
Our Proven Audit Approach
Our detailed audit process ensures that your payment systems meet regulatory standards, while also strengthening your organization’s security posture.
Business Understanding: We begin by evaluating your business processes and environment to identify all relevant in-scope elements.
Audit Scope Finalization: A detailed questionnaire is shared with your teams to collect evidence on architecture, implementation, and controls.
Initial Audit: We assess your infrastructure to identify all storage locations containing payment-related data.
Risk Assessment: Our team conducts a risk analysis of your information security posture, highlighting potential vulnerabilities.
Data Flow Assessment: A comprehensive analysis is performed to understand data flow and detect any potential leakage points.
Remediation Support: We provide actionable solutions to address compliance challenges and strengthen your systems.
Scans and Testing: We perform rigorous testing to uncover critical vulnerabilities in your system.
Evidence Review: Evidence collected is reviewed to evaluate its maturity and alignment with compliance requirements.
Final Audit: A thorough examination is conducted to ensure all identified vulnerabilities are addressed and the system is secure.
Concise Reporting: Our team delivers a detailed report covering all findings and insights from the assessment cycle.
Why DigiFortex?
As a CERT-In empaneled and ISO 27001:2022 certified organization, DigiFortex is globally recognized in providing Information Security consulting. Our team started McAfee in India and holds 17 US patents
Our team of skilled auditors and consultants prioritizes transparency, accuracy, and actionable insights, helping you not only meet compliance but also enhance the integrity and resilience of your information systems. DigiFortex goes beyond basic auditing by offering guidance to strengthen your IT processes, protect assets, and secure data integrity, ensuring your systems function effectively under all conditions.
A small glimpse of DigiFortex’s globally recognized work
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Completed the Prepaid Payment Instrument (PPI) audit for Amazon Pay, which included:
- IS Audit (Information System Audit)
- V-KYC (Video-based Know Your Customer)
- VAPT (Vulnerability Assessment and Penetration Testing)
- SAR (Security Assessment Report)
- RBI Data Localization compliance
- Conducted security assessments for the #1 U.S. financial institution, covering 17 of their websites across 17 countries.
- Performed a comprehensive Cloud Security Assessment for HDFC Bank.
- Provided IT audit services for the integration of HDFC’s system with the Government of India’s Solar Energy Corporation of India (SECI).
- Selected by Indian Bank to conduct a full security assessment of their data centers in Chennai and Mumbai.
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