In today’s highly competitive and digital-first economy, safeguarding financial transactions is no longer just a technical requirement—it’s a strategic imperative. For every business the stakes are clear: data breaches and financial fraud can lead to significant regulatory penalties along with operational disruptions and loss of customer trust. OPEN understands these risks intimately and has built a cybersecurity framework designed to not only protect your data but also to enable your business to grow confidently in the digital landscape.
With Cybersecurity Awareness Month 2024 focusing on the theme “Cyber Surakshit Bharat” as launched by the Government of India it’s an opportune moment to highlight how OPEN’s approach to cybersecurity matches the industry standards, especially in India’s growing digital economy. By implementing globally recognized standards, sophisticated encryption, and continuous monitoring, OPEN ensures that businesses can scale without compromising on cyber security.
The Growing Importance of Cybersecurity in India’s Fintech Sector
India’s digital payments ecosystem has grown exponentially, fueled by initiatives like Digital India and the success of UPI (Unified Payments Interface). With over a billion internet users, India’s digital economy is thriving, but this also makes it a target for cyber threats. As per the report published by the RBI, in 2023, India recorded over 1.3 million cybersecurity incidents, many of which impacted the banking and finance sectors.
For businesses operating in this digital landscape, secure transactions are essential for operational continuity, regulatory compliance, and maintaining customer trust. OPEN recognizes these critical needs and has developed a multi-layered security strategy that aligns with the highest global standards to provide comprehensive protection.
How OPEN Protects Users’ Financial Transactions
OPEN’s security measures are designed to address all aspects of digital transaction safety, combining cutting-edge technologies with strict compliance standards. Here’s a closer look at the core elements of OPEN’s cybersecurity framework:
Compliance with Data Privacy Regulations: Aligning with India’s Data Protection Framework
India is strengthening its data privacy standards with the upcoming Digital Personal Data Protection Act, 2023 (DPDPA). OPEN is actively preparing to align with its requirements, ensuring a smooth transition once enforced.
OPEN adheres rigorously to the existing Information Technology (IT) Act, 2000, and its Sensitive Personal Data or Information (SPDI) Rules. These rules set stringent protocols for handling sensitive information, including robust security measures, data encryption, secure storage, and explicit user consent. By following these regulations, OPEN ensures that all personal and financial information is managed securely and responsibly.
ISO 27001 Certification: Comprehensive IT Security
OPEN’s ISO 27001 certification signifies a commitment to global best practices in information security. This certification requires implementing a rigorous Information Security Management System (ISMS) that addresses various aspects of cybersecurity, including data encryption, access controls, and threat management.
By adhering to ISO 27001, OPEN ensures a systematic and structured approach to protecting sensitive information, minimizing risks, and enhancing resilience against potential threats. This certification instills confidence in businesses, assuring them that every transaction on the platform is safeguarded by stringent protocols.\
PCI DSS Compliance: Safeguarding Payment Card Transactions
Handling sensitive payment data comes with inherent risks, and Payment Card Industry Data Security Standard (PCI DSS) compliance is critical. OPEN follows stringent protocols to encrypt, monitor, and securely store debit and credit card information.
This compliance significantly reduces the risk of unauthorized access and fraud, ensuring that all cardholder data is handled with the utmost care. For businesses, PCI DSS compliance reinforces customer trust and helps meet essential industry standards for secure transactions.
Advanced Encryption Standards: The First Line of Defense
At OPEN, sessions are protected with in-transit encryption using 2,048-bit or stronger keys and TLS 1.2 or higher. This ensures that data is protected both when stored (at rest) and when transmitted, making unauthorized access extremely challenging.
OPEN also employs end-to-end encryption (E2EE), ensuring that data can only be decrypted by the intended recipient. This dual-layered encryption protects sensitive financial information from potential interception, preserving confidentiality and data integrity across the platform.
SOC Compliance: Maintaining Operational Integrity and Trust
OPEN’s adherence to System and Organization Controls (SOC) standards highlights its dedication to maintaining high operational standards. SOC audits assess internal controls across security, availability, confidentiality, and privacy, ensuring resilience against data breaches and misuse.
Our products are hosted on cloud infrastructure platforms that hold SOC 2 Type II and ISO 27001 certifications, among other credentials. These certifications ensure robust security measures, including dedicated security personnel, stringent physical access controls, and comprehensive video surveillance.
AWS Cloud Security: Leveraging Industry-Leading Infrastructure
OPEN utilizes Amazon Web Services (AWS), which is known for its advanced cloud security infrastructure. AWS provides comprehensive security features, including robust network firewalls, secure data centers, and real-time threat detection, ensuring that data remains protected against unauthorized access and cyber threats.
By leveraging AWS’s reliable and scalable cloud infrastructure, OPEN offers safe and consistent digital banking solutions, particularly beneficial in diverse markets like India where data security is paramount.
Regular Security Audits and Penetration Testing: Staying Ahead of Threats
To maintain the robustness of its cybersecurity defenses, OPEN conducts regular security audits and penetration testing. These assessments, performed by internal experts and external cybersecurity firms, help identify vulnerabilities and address them before they can be exploited.
Given the dynamic nature of cyber threats, a proactive approach is essential. By continuously updating and testing its security protocols, OPEN can quickly adapt to emerging challenges, ensuring consistent protection for its users and maintaining operational integrity.
Two-Factor Authentication (2FA): Enhanced User Verification
OPEN understands that passwords alone are not enough to secure accounts, especially in an age where phishing attacks and data breaches are prevalent. That’s why it addresses this by implementing Two-Factor Authentication (2FA), requiring users to verify their identity through an additional secure method, such as One-Time Password (OTP) verification. All transactions are subject to 2FA, in compliance with RBI guidelines for digital payments.
By adding this extra layer of security, 2FA makes it significantly harder for cybercriminals to gain unauthorized access, even if a password is compromised.
Ensuring Data Endpoint Security: A Critical Layer of Defense
OPEN recognizes that data breaches often originate at the device level, so it has implemented robust endpoint security measures to safeguard all devices interacting with sensitive information, including computers, mobile devices, and other hardware. This includes secure authentication and encryption, ensuring only authorized devices access the platform and protecting data on those devices. Regular automated updates and patches address vulnerabilities promptly, while real-time monitoring detects unusual activity, allowing for swift response to potential threats.
Additionally, OPEN employs a multi-layered approach combining anti-malware, firewalls, and intrusion prevention systems to provide comprehensive protection against diverse cyber threats. These measures ensure data security across all access points, reinforcing a strong, secure environment for users and businesses.
Secure Transactions, Secure Futures
OPEN’s comprehensive cybersecurity framework is designed to address every aspect of digital transaction safety. From ISO 27001 and PCI DSS compliance to advanced encryption, SOC standards, AWS cloud infrastructure, and fraud detection, each element works cohesively to create a secure environment for businesses to operate and grow confidently.
As the digital economy in India continues to expand, the importance of secure financial transactions becomes even more critical. OPEN is dedicated to leading this charge, setting industry standards for digital banking security, and empowering businesses to focus on growth without the distraction of cyber threats. This proactive and comprehensive approach reflects OPEN’s commitment to safeguarding not only transactions but also the future of every business that relies on its platform.
