Boost Trust by Expert's Guide in Cyber Security Audit for NBFCs

Role of Cyber Security Audit for NBFCs?

The Cyber Security Audit for NBFCs is a comprehensive analysis and review of the information technology infrastructure and detects vulnerabilities and threats, high-risk practices, etc., for NBFCs. The cyber security audit for NBFCs performs risk assessment and weakness identification to security measures. The Reserve Bank of India has issued a Master Direction and guidelines for NBFCs to help identify and assess risks and weaknesses in the operations of NBFCs. The desire and need to minimize cyber risks from the growing technology used by the NBFCs. The guidelines by RBI state the NBFCs' rules and regulations related to customer protection, data security, audit function, corporate governance, and risk assessment. Our team of experts helps NBFCs understand and comply with the RBI Guidelines to protect the NBFCs by providing cyber security audits by our professional auditors to minimize the financial and operational risks in the future to sustain the growth of the NBFCs.

RBI Guidelines on Cyber Security Audit for NBFCs

The RBI's Master Direction guidelines, dated June. 2017 outlined the importance of Informed Technology and Cyber Security for NBFCs in RBI circular and guidelines. The information security framework discussed key principles such as confidentiality, integrity and authenticity of information assets for the NBFCs or banks to maintain cyber security. The guidelines focused on the need to cover the identification and classification of information assets, control, personnel and physical security and the use of Public Key Infrastructure (PKI). The guidelines of RBI mandate the need for a cyber-security policy for regulating entities to combat cyber threats, and the guidelines delve into specific aspects of cyber security such as management, plans and measures for handling the financial services by NBFCs or banks or digital signatures. The guidelines also address the IT operations for the acquisition and development of information systems and the importance of Management Information Systems to protect the Customers or investors of NBFCs or banks. The Cyber security audit for NBFCs stresses the integral role of providing insights into the effectiveness of controls for ensuring confidentiality and availability. The guidelines suggest that the regulating entities need to periodically submit a report to the RBI for any kind of breach of cyber security. The guidelines provide an approach to cyber security for NBFCs to encompass information security, cyber security, operations and regular system audits to enhance the ability of NBFCs to combat evolving cyber threats. NBFCs must strengthen their security protocols, putting the protection of their clients and the NBFC itself first. Even though some businesses might have already put parts of the directive's provisions into practice, regular, official gap analyses are necessary to guarantee ongoing compliance. Our experts carry out analysis in IT Governance, IT Policy, Information & Cyber Security, IT Operations, IS Audit, and Business Continuity Planning are the main components of the IT framework.

Enterslice’s Services on Cyber Security Audit for NBFCs

Our professional auditors and team consist of experts whose main focus is to safeguard the NBFCs against cyber threats or crimes, so our comprehensive service of cyber security audits for NBFCs helps in understanding the unique challenges faced by NBFCs and customized the solution of audit to ensure the confidentiality, integrity and availability of the information assets.

Assistance on Frameworks and Policy for the NBFC Sector

Our experts develop, implement and assist information security frameworks and update board-approved policy by covering the aspects of data confidentiality and regulatory requirements or frameworks for NBFCs.

Risk Management Framework

Our experts identify and establish a process for preventing, detecting, and analyzing risk to mitigate it by a strategic management plan and responding to information security incidents promptly. Our experts also assist in developing a cyber crisis management plan to focus and detect cyber threats.

Legal Compliance for Non-Banking Financial Companies

Our experts ensure compliance with regulatory requirements by implementing measures as stated by the Reserve Bank of India, such as audit tracking and reporting, public key infrastructure, etc., and conducting a training program in the NBFCs to enhance cyber awareness.

Risk Assessment for Security Controls

Enterslice provides Cyber Security Audits for NBFC services to perform a risk assessment to obtain an understanding of cyber threats and the effectiveness of existing security controls assessment to identify and assess the risk of cyber security to protect their customers.

Comprehensive Due Diligence

Our Cyber Security Audit for NBFCs Services by our team of experts conducts thorough due diligence to protect NBFCs from financial health and cyber threats. Our team will examine the NBFC's assets and liabilities and implement cyber security for NBFCs.

Benefits of NBFC Cyber Security Assessment as per Information Technology Framework

The NBFC Cyber Security Assessment offers various benefits to safeguard information, ensure regulation and enhance overall operational flexibility. Below are some of the key benefits of NBFC Cyber Security Assessment

Risk Mitigation and Management

Our NBFC Cyber Security assessment focuses on identifying potential risks in the NBFC’s Information Technology system, infrastructure and process to mitigate in the NBFCs by conducting a thorough risk assessment to strengthen your risk management strategies and assess risk associated with cyber threats, helping the NBFC to address high-risk areas.

Confidentiality and Integrity Assurance

Our experts ensure the confidentiality of sensitive data by implementing measures to control access and prevent unauthorized disclosure. Our experts enhance the integrity of data, preventing unauthorized modification.

Prevention of Data Breaches

Our experts identify potential security breaches and weaknesses to reduce the risk of data breaches and financial losses. Also helps the NBFC to develop effective incident response plans to minimize the impact of a security incident.

Enhance Customer and Investors' Trust

Our experts assure security by demonstrating a commitment to cyber security and fostering trust among customers, investors and stakeholders by protecting their data.

Strategic Decision Support

The report prepared by our experts goes beyond compliances and offers valuable insights into the strategic decision-making process of cyber security in NBFCs. Our Cyber Security Audit for NBFC's services helps the NBFC focus on its strengths and weaknesses to get protection from cybercrimes or threats.

Optimization Information Technology System

Our experts identify areas for improvement in information technology systems to ensure efficiency and security and encourage the adoption of the adequacy of NBFCs' best practices in information security and cyber flexibility.

Implementation of Controls in Cyber Security Audit for NBFCs

Implementing controls in a Cyber security audit for NBFCs is important to strengthen the NBFC's defence against cyber threats, so below are the key controls that can be considered during a cyber security audit for NBFCs

Access Control Measures

Our experts access controls in NBFCs to ensure that people can access only the information and system necessary for their roles to enforce strong mechanisms and enhance security.

Encryption of Data

Enterslice adopts modern technologies to protect sensitive data during transmission and stored data with protection from unauthorized access.

Assessment and Audits

We establish continuous monitoring mechanisms to assess cybersecurity controls and conduct regular cybersecurity audits internally or externally to identify the risk areas for improvement or protection from cyber threats.

Controls on Regulatory Compliance Services

Our experts conduct regular cybersecurity audits for NBFCs to ensure compliance with relevant cybersecurity guidelines. Our experts maintain documentation as per the regulations' requirements.

Monitoring of Information Technology Framework for the NBFC

Our experts implement measures for security information and management of events to collect and analyze data for security incidents. We monitor information systems to detect irregularities and breaches of security.

Reporting Mechanism

Our experts assist in promptly reporting security incidents to NBFCs so they can report further and take preventive measures. We ensure reporting mechanisms to cover internal and external authorities.

Duties and Responsibilities of Auditors in Cyber Security Audit for NBFCs

The duties and responsibilities of the auditor in Cyber Security Audit for NBFCs have to be followed to protect NBFCs from cyber threats and present accurate data to potential customers and investors to maintain trust.

Ensure Compliance with RBI Master Directions

The RBI regulators have increased the responsibility of the auditors because when reporting to the board on a certain matter, the auditor needs to be very careful while performing a cyber security audit for NBFC to take to report to the RBI and comply with the laws and regulations. Our team of professionals provide the role of NBFC Cyber security Assessment by Auditors in our Cyber Security Audit for NBFCs services to regulate the responsibility of the auditor.

Reporting and Communications

The auditors need to provide clear and concise reports to management and regulatory bodies of NBFC about the functioning, strategies, policies, etc., to maintain the smooth functioning of the NBFC and prevent cyber threats. There should be communication and reporting among the members of the NBFC to maintain harmonization. We communicate audit findings, recommendations, and any significant issues identified during the process of a cybersecurity audit. Our NBFC Cyber security Assessment services maintain the reporting and communication with the members of the NBFC.

Independence and Objectivity

The auditor maintains independence and objectivity throughout the audit process to ensure unbiased assessments and protect the financial health from cybercrimes or threats. Our NBFC Cyber Security Assessment also disclose any potential cyber threats or breaches of data privacy to maintain harmony in the management and operations of the NBFCs.

Professional Development

Enterslice provides the Cyber security audit for NBFCs services with experienced auditors to keep the management of the NBFC updated on changes in cyber security, information technology, information systems, information audit standards, regulations and industry best practices and continuously improve their technology and cyber security system to maintain the growth of the NBFC in the financial market. The up-to-date will help the NBFC prevent cyber security risks and comply with implementing cyber security policies.

Process of NBFC Cyber Security Assessment as per RBI Cyber Security Guidelines

Enterslice takes a holistic strategy to make it easier to comply with RBI NBFC requirements, guaranteeing that regulatory guidelines are understood and followed precisely.

NBFC Cyber Security Assessment

The process starts with an NBFC Cyber security assessment, which is a thorough examination of the organization's policies, methods, and activities. At this stage, every pertinent document is carefully examined to create a comprehensive picture of the business operations. Our experts perform NBFC Cyber Security Assessment Data of the NBFCs. Our experts examine the NBFC structure and policies, procedures, and other documentation to prevent cyber threats or to perform strategic planning for combatting cybercrimes.

Evidence Collection

Our experts collect the evidence because it is necessary to gather considerable information about each audit point, assist in identifying compliance gaps, and, when practical, recommend areas for improvement. This is important to establish an understanding of the regulatory standards.

Documentation

Our experts assist in preparing documentation by preparing a thorough report. The observations in this report are categorized into areas for improvement, non-compliance, and compliance with the regulatory criteria related to information technology or information systems. The records function as an all-inclusive account of the company's compliance status with RBI NBFC.

Report Presentation

Report Presentation is the last phase, during which the client is given the completed report. After it has been completed and signed, the client receives the report, which contains all of the conclusions and suggestions. Crucially, upon request, the client may choose to provide this report to the regulatory agency. This deliberate and structured methodology guarantees a thorough review of compliance and offers a clear roadmap to meet the regulatory changes.

Enterslice’s Advanced Technologies for NBFC Cyber Security Assessment

Our experts provide a complete cyber security audit for NBFCs through the usage of advanced technologies to address the evolving landscape of cyber threats. Our robust network security solutions detect and prevent cybercrimes, help monitor the activities of cyber threats, and safeguard the NBFC's financial or customer data. With access to tools, we enable real-time monitoring and analysis of log data from various sources to enhance the ability to detect and respond to NBFCs as per the regulations provided by regulatory bodies or authorities. We identify and mitigate potential weaknesses in the NBFCs' IT systems. Through the use of encryption technologies, we ensure the confidentiality and integrity of the sensitive information of the NBFCs. Our continuous monitoring and auditing tools keep track of suspicious activities. Our experts detect and predict potential cyber threats.