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Payment Services Directive (PSD2) requires payment service providers (PSPs) to establish a framework with appropriate mitigation measures and control mechanisms to manage operational and security risks arising from the payment services they provide, and has mandated the European Banking Authority (EBA) to specify the details of these requirements.
In particular, these draft Guidelines cover the governance of the operational and security risk management framework, the risk management and control models, outsourcing, the identification, classification and risk assessment of functions, processes and assets, as well as the protection of the integrity of data, systems and confidentiality, physical security and asset control.
In addition, the draft Guidelines propose requirements in relation to the monitoring, detection and reporting of security incidents and risks, business continuity management, scenario-based continuity plans, incident management and crisis communication, the testing of security measures, and situational awareness and continuous learning.
Finally, in order to ensure that the security measures implemented by the PSPs are well communicated to payment service users (PSUs) the Guidelines also cover the management of the relationship with PSUs.
Responses to this consultation can be sent to the EBA by 7 August 2017. A public hearing will then take place at the EBA premises on 20 June 2017 from 13.00 to 16.00 UK time.