Information & Cyber Security Audit

The exponential growth in the internet and the netizens using the internet for financial transactions have led to increase in Risk to the various BFSI participants. In order to protect the organisation and the customers all the BFSI sectoral regulators in India viz. RBI, SEBI, IRDA and PFRDA has issued detailed guidelines on implementing a robust Information & Cyber Security Framework. They also have stressed the need for independent assurance of the framework implemented. Bestfit Team has overall experience in managing the process and Audit of Banks, Mutual Funds, Stock Broking Firms, R& T Agents, Insurance companies ,Insurance Broking ,NBFC , HFC& Pension Fund Managers .Bestfit has audited reputed organisations in each of these categories..

Data Privacy Consulting & Implementation

Privacy has been the Buzzword world over with the enactment of the GDPR in 2018.This was followed by CCPA in June 2019. In India the Personal Data Protection Bill (PDPB) 2019 was tabled in parliament and then referred to a select committee. Once this is enacted as a law all the corporates will need to have a proper strategy & action plan in place so that they are compliant to the Act. Mature organisations have already started their journey of Privacy implementation. Our team has the necessary expertise in this field and has the implementation experience and the CEO himself is a Certified Data Privacy Solutions Engineer (CDPSE) from ISACA. The implementation of Privacy as it needs the knowledge of Technical, Operations and Legal (Techno-Ops-Legal) to ensure an effective implementation. The USP of Bestfit is that they understand all the three domains equally and also has partnered with an International & reputed Data Security Company for data discovery tools so that we bring these tools to you as a part of the consulting assignment itself.

Cloud Assurance Audit

The COVID -19 Pandemic has brought a paradigm shift to Cloud without much security thought as shifting to the cloud was the need of the hour. The Cloud security is a complex web with difference CSP having different pricing models and services and the related functionality. One of the biggest Myth when moving to the cloud is that the Cloud is more secure than on premises. The Board and the senior management need to understand that the security of the cloud is a shared responsibility between the Organisation and the Cloud Service Provider (CSP). It is always recommended as a part of best governance practise to get the same audited by experts and get an independent assurance on the Configuration of the cloud. The independent assurance should stress upon the Security ‘IN” the cloud as well as Security ‘OF’ the cloud. Bestfit Team has experience of auditing AWS, AZURE, Google Cloud and Alibaba Cloud

Cyber Security Awareness and Training

The weakest link in the Information Security & Cyber security is the Human resources. The BFSI regulators having understood the importance of the need of regular upgrading the knowledge of the workforce has stressed that the Board and the Senior Management undergo periodic awareness session and the IT Staff undergo Training in these aspects. The consulting, audit and Training supplement each other. Bestfit is glad to be associated with the New breed of Private Sector Banks-operative banks reputed Insurance Companies both in Life and General Insurance as well as NBFCs in this regard. Bestfit as on 31//12/2020 has conducted awareness session acrossvarious organisation and the same has been attended by more than 750 Board and Senior Management in the last four calendar Years

Aadhaar Act & Information Technology Act 2000 compliance

The Aadhaar Act was enacted in 2016 and subsequently amended in 2019. The Act as well as the related regulations need to be implemented by all the entities in the Aadhaar Eco System. The Aadhaar Act needs a thorough reading and interpretation to be complaint. As per the latest amendment Sec 33A the penalty that can be imposed for Non-Compliance can extend up to ₹1 Crore per contravention. Hence organisation have to be vigilant and ensure that there is no non-compliance whatsoever. Bestfit offers the services for the same on an annual retainership basis as the regulations keep changing and new circulars are being issued on an ongoing basis. The services of Bestfit is already being hired by 8-10 companies on an ongoing basis. With the model Audit report guidelines of August 2020, the compliance to Audit has increased manifold and Bestfit conducts what is called a pre-audit to ensure that there are no non-compliances. Bestfit also have trained more than 400 personnel across India on the various intricacies of the Aadhaar Act & Related regulations. Similarly, compliance to Information Technology Act is also a requirement of every corporate and Bestfit can handhold organisations in this regard as well.

Other Specialised Training

Bestfit also imparts training in the following Domains (in addition to Information Security/Cyber Security/Aadhaar Act/Information Technology Act/Cloud Security & Audit)

• Retail Banking /General banking/Global Payment Systems
• Stock Markets India and International Stock Markets (USA & Japan)
• Understanding Blockchain
• Exploring the Darknet
• Social Media Risk Management
• Personal Data Protection Bill-2019