Cybersecurity & Incident Reporting Requirements
Cybersecurity is a core regulatory concern for electronic payment operations due to the sensitivity of financial data and the systemic impact of cyber incidents. EPSPs must protect platforms, user data, and transaction networks against breaches, fraud, hacks, and unauthorized access. Regulators also require timely incident reporting to limit supervisory and market risks.
Cybersecurity Controls
- Firewalls and intrusion prevention systems
- Encryption of sensitive data
- Access controls and multi-factor authentication
Incident Reporting Requirements
- Timely notification to the CBI for material incidents
- Documentation of breach details and impact
- Implementation of corrective actions and mitigation steps
CBI compliance
- Maintain cybersecurity policies and frameworks
- Conduct periodic risk assessments
- Monitor systems for anomalies and threats
- Implement incident reporting and escalation procedures
How Etihad Can Assist
Etihad provides legal and regulatory advisory services to banks, financial institutions, and businesses, supporting compliance with applicable laws, regulations, and regulatory guidance issued by any competent authorities.