BS ISO 23195:2021 - Security Objectives of Information Systems of Third-Party Payment Services

In the rapidly evolving world of digital transactions, ensuring the security of information systems is paramount. The BS ISO 23195:2021 standard provides a comprehensive framework for establishing security objectives for information systems used by third-party payment services. Released on June 15, 2021, this standard is an essential resource for organizations seeking to enhance their security posture in the realm of financial transactions.

Overview

The BS ISO 23195:2021 standard is a critical document that outlines the security objectives necessary for safeguarding information systems involved in third-party payment services. With the increasing reliance on digital payment platforms, the need for robust security measures has never been more crucial. This standard serves as a guideline for organizations to implement effective security strategies that protect sensitive financial data from unauthorized access and cyber threats.

Key Features

• Standard Number: BS ISO 23195:2021
• Pages: 50
• Release Date: June 15, 2021
• ISBN: 978 0 539 02106 6
• Status: Standard

Importance of Security in Third-Party Payment Services

Third-party payment services have become an integral part of the global financial ecosystem, facilitating seamless transactions across borders. However, with this convenience comes the risk of cyber threats and data breaches. The BS ISO 23195:2021 standard addresses these challenges by providing a structured approach to identifying and mitigating security risks associated with third-party payment systems.

Comprehensive Security Framework

This standard offers a detailed framework that covers various aspects of information system security, including:

• Risk Assessment: Identifying potential security threats and vulnerabilities within the payment system.
• Data Protection: Implementing measures to safeguard sensitive financial information from unauthorized access.
• Access Control: Establishing protocols to ensure that only authorized personnel have access to critical systems and data.
• Incident Response: Developing a robust incident response plan to quickly address and mitigate security breaches.
• Compliance: Ensuring adherence to relevant regulatory requirements and industry standards.

Benefits of Implementing BS ISO 23195:2021

Organizations that adopt the BS ISO 23195:2021 standard can expect to achieve several benefits, including:

• Enhanced Security: By following the guidelines outlined in the standard, organizations can significantly improve their security posture, reducing the risk of data breaches and cyber attacks.
• Increased Trust: Implementing robust security measures helps build trust with customers and partners, demonstrating a commitment to protecting sensitive financial information.
• Regulatory Compliance: Adhering to the standard ensures compliance with relevant regulations, reducing the risk of legal penalties and reputational damage.
• Operational Efficiency: A well-structured security framework can streamline operations, reducing the time and resources required to manage security risks.

Who Should Use This Standard?

The BS ISO 23195:2021 standard is designed for a wide range of stakeholders involved in third-party payment services, including:

• Payment Service Providers: Organizations that offer payment processing services to merchants and consumers.
• Financial Institutions: Banks and other financial entities that facilitate digital transactions.
• Regulatory Bodies: Government agencies responsible for overseeing the security and compliance of payment systems.
• Security Professionals: Experts tasked with developing and implementing security strategies for payment systems.

Conclusion

In an era where digital transactions are the norm, the BS ISO 23195:2021 standard is an invaluable resource for organizations seeking to enhance the security of their information systems. By providing a comprehensive framework for establishing security objectives, this standard helps organizations protect sensitive financial data, build trust with stakeholders, and ensure compliance with regulatory requirements. Whether you are a payment service provider, financial institution, or regulatory body, adopting this standard is a crucial step towards safeguarding your digital payment systems.

BS ISO 23195:2021

This standard BS ISO 23195:2021 Security objectives of information systems of third-party payment services is classified in these ICS categories:

• 03.060 Finances. Banking. Monetary systems. Insurance
• 35.240.40 IT applications in banking

This document defines a common terminology to be used in the context of third-party payment (TPP). Next, it establishes two logical structural models in which the assets to be protected are clarified. Finally, it specifies security objectives based on the analysis of the logical structural models and the interaction of the assets affected by threats, organizational security policies and assumptions. These security objectives are set out in order to counter the threats resulting from the intermediary nature of TPPSPs offering payment services compared with simpler payment models where the payer and the payee directly interact with their respective account servicing payment service provider (ASPSP).

This document assumes that TPP-centric payments rely on the use of TPPSP credentials and the corresponding certified processes for issuance, distribution and renewal purposes. However, security objectives for such processes are out of the scope of this document.