Finance & Banking , Fraud Management & Cybercrime , Industry Specific

Quick Lessons for Securing a Payments Architecture

A small group of people masterminded the digital payment ecosystem in India, including N. Rajendran, chief digital officer of the Multi Commodity Exchange of India. He recently shared the security parameters he spearheaded in designing the unified payment interface and the importance of security by design.

See Also: Bank on Seeing More Targeted Attacks on Financial Services

The baseline for the UPI security parameters is the same across industries, but "the financial services are more vulnerable … and so there's more focus to protect these systems, and it will soon get into microsegmentation," he said.

In this video interview with Information Security Media Group at ISMG's Dynamic CISO Excellence Awards and Conference, N. Rajendran discusses:

• Parameters to consider while building a payments architecture;
• The importance of security by design;
• His thoughts on the central bank digital currency and government-backing policies for cybersecurity.

N. Rajendran leads digital technology for the Multi Commodity Exchange of India, a commodity exchange owned by the Ministry of Finance. He previously served as CTO of NPCI, where he conceptualized, implemented and operationalized the National Financial Switch and Cheque Truncation System, Immediate Payment Service, National Automated Clearing House and the Aadhar-Enabled Payment System.