Please Note: We have masked our client’s identity to maintain confidentiality.
Overview of XYZ Client
XYZ Pay India Pvt Ltd is a prominent player in India's digital payments ecosystem. The company provides prepaid payment instruments (PPI) and other innovative payment solutions. With the evolving regulatory landscape, they sought DigiFortex's expertise to ensure compliance with RBI standards, strengthen security, and meet data localization mandates.
Scope of Engagement
- IS Audit (Information System Audit): Comprehensive evaluation of information systems to ensure they meet organizational and regulatory standards.
- V-KYC (Video-based Know Your Customer Compliance): A compliance process for verifying customers through video interactions to meet regulatory KYC requirements.
- VAPT (Vulnerability Assessment and Penetration Testing): A process to identify vulnerabilities and simulate cyberattacks to ensure systems are secure from threats.
- SAR (Security Assessment Report): A detailed report highlighting security risks and vulnerabilities, with recommendations for mitigation.
- RBI Data Localization Compliance: Ensuring that data management and storage comply with RBI’s guidelines for storing and processing data within India.
Challenges
- Compliance with complex RBI guidelines for PPIs and digital payments.
- Enhancing security measures to safeguard sensitive financial data.
- Ensuring data localization adherence, particularly in the cloud storage of user data.
- Implementing robust video-based KYC processes that align with regulatory standards.
Role of DigiFortex
- IS Audit: We conducted a thorough audit of XYZ Pay's IT systems, focusing on regulatory compliance with RBI guidelines. This audit ensured alignment with data protection requirements and helped strengthen XYZ Pay's internal security posture.
- V-KYC Compliance: Our team ensured that XYZ Pay's video KYC procedures met RBI's stringent privacy standards. We focused on securing customer identity verification while maintaining a seamless user experience.
- VAPT: Performed vulnerability assessments and penetration testing (VAPT) to identify vulnerabilities and mitigate risks, fortifying the platform’s defenses against potential cyber threats.
- Security Assessment Report (SAR): We delivered a comprehensive SAR that evaluated security measures and provided actionable insights, helping XYZ Pay improve its security infrastructure and comply with industry best practices.
- Data Localization: Ensured that all sensitive payment and customer data was stored within India, fully complying with the RBI’s data localization requirements, preventing data breaches and improving overall compliance.
Result
- RBI Compliance: Successful alignment with RBI guidelines on PPI, data localization, and KYC.
- Improved Security: Identification and mitigation of critical vulnerabilities, securing sensitive customer data.
- Enhanced Operational Resilience: Strengthened disaster recovery plans and business continuity procedures.
- Comprehensive Reporting: Delivered a detailed Security Assessment Report for internal and regulatory use.
Key Takeaways
This project underscores DigiFortex’s ability to handle complex regulatory landscapes. By delivering tailored solutions, DigiFortex enabled XYZ Pay to achieve compliance, enhance security, and maintain customer trust.
By partnering with DigiFortex, XYZ Pay India Pvt Ltd ensured full compliance with RBI's PPI guidelines and data localization requirements, while enhancing its security measures and operational resilience.
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