DigiFortex, a CERT-In empaneled cybersecurity and information security consultancy, provides specialized IT/IS Audits for Non-Banking Finance Companies (NBFCs) in India.
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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RBI Non-Banking Finance Company (NBFC) IT/IS Audit
In India, the Reserve Bank of India (RBI) defines a Non-Banking Finance Company (NBFC) as a financial institution offering a range of financial services but lacking a full banking license. These companies are incorporated under the Companies Act, 1956 (now superseded by the Companies Act, 2013) and are regulated by the RBI in accordance with the Reserve Bank of India Act, 1934.
As the NBFC sector grows in size and complexity, so does the need for robust information technology and information security frameworks, business continuity planning (BCP), disaster recovery (DR) management, and IT audits, all aligned with global best practices.
To address the evolving cyber risks and governance gaps in the sector, the Reserve Bank of India (RBI) introduced a comprehensive set of guidelines aimed at strengthening the cybersecurity posture of NBFCs. These regulations are designed to enhance security measures, ensuring the protection of both customer and organizational data, and to mitigate the growing cyber threats faced by the sector.
Key Areas Covered in the RBI Guidelines for NBFCs
As per the RBI's Master Directions and Guidelines, NBFCs are required to implement and maintain an IT/IS framework that is continually updated to meet emerging cybersecurity challenges. While many NBFCs have already adopted some of these measures, periodic gap analyses are essential to ensure ongoing compliance with the latest directives. These audits should be conducted by a CERT-In empaneled organization like DigiFortex to ensure accurate assessment and compliance.
Core Focus Areas of the IT Framework:
IT Governance: Establishing a clear and effective governance framework for managing IT and information security.
IT Policy: Developing and maintaining a comprehensive IT policy to align with security best practices.
Information and Cyber Security: Protecting organizational and customer data from cyber threats through advanced security measures.
IT Operations: Ensuring efficient and secure IT operations in line with regulatory requirements.
IS Audit: Conducting regular audits to evaluate the effectiveness of IT security measures and identify areas for improvement.
Business Continuity Planning (BCP): Developing strategies to ensure the continuity of critical business functions during disruptions.
IT Services Outsourcing: Ensuring that third-party IT service providers meet security and compliance standards.
RBI Guidelines for NBFCs Based on Asset Size
The RBI guidelines are divided into two sections, depending on the size of the NBFC's assets:
Section-A: NBFCs with Assets Above ₹500 Crore
This section outlines comprehensive requirements, including:
- IT Governance and Policy
- Information and Cyber Security
- IT Operations
- IS Audit and Business Continuity Planning
- IT Services Outsourcing
Section-B: NBFCs with Assets Below ₹500 Crore
While the requirements are similar to Section A, they are simplified to suit smaller organizations.
Why Choose DigiFortex for Your NBFC IT/IS Audit?
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 is composed of globally certified experts, including ISO 27001 Lead Auditors for Information Security, Certified Information Privacy Professionals for Europe (CIPP/E) from the International Association of Privacy Professionals (IAPP), DSCI Certified Privacy Lead Assessors (DCPLA), CCSA, CISM, CISA, ISO 27001 LA, CEH, CRTP and more. Backed by diverse industry experience, our professionals provide comprehensive security and privacy solutions tailored to meet the highest standards.
Our expert team conducts thorough IT/IS audits and gap analyses, providing actionable insights to help your organization:
Ensure Compliance: Regular audits ensure your organization meets RBI’s evolving cybersecurity regulations.
Identify Security Gaps: We identify vulnerabilities and provide solutions to address them proactively.
Enhance IT Governance: Our audits help strengthen your IT governance framework, ensuring secure and compliant operations.
Manage Cyber Risks: We help mitigate cyber threats and safeguard your organization’s data, ensuring business continuity even in the face of disruptions.
Support Regulatory Reporting: Our comprehensive reports ensure you stay compliant with RBI guidelines and are prepared for regulatory reviews.
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.
With DigiFortex, your NBFC will have the expertise to implement a robust IT/IS framework that meets RBI's stringent guidelines, ensuring enhanced security, reduced risks, and long-term business sustainability.
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