Pension fund regulator PFRDA has set up a standing committee to suggest steps to deal with cybersecurity challenges with a view to protecting the interest of subscribers.
The committee has been constituted by the Pension Fund and Regulatory Development Authority (PFRDA) to keep an eye on the technological changes.
“As a regulator of the pension sector and to safeguard the interest of pension subscribers, it is essential to keep an eye on the technological changes and cybersecurity challenges,” said the regulator while announcing its decision to set up the panel.
The committee on ‘Information Systems and Technology and Cyber Security’ will suggest steps to align PFRDA’s technology with best industry practices.
PFRDA is a statutory body established by an Act of Parliament to promote old age income security.
It develops, promotes and regulates the pension industry under the National Pension System and also administers the Atal Pension Yojna.
The panel will also advise “with respect to the development of Management Information Systems (MIS), supervisory and regulatory platforms which may be deployed in the Authority for the efficient discharge of its responsibilities under PFRDA Act”.
PFRDA’s office memorandum in this regard further said the panel would also advise it on the new opportunities and challenges of “financial technologies and regulatory technologies”.
“The standing committee may meet as often as may be considered necessary but not less than once in six months, for advising” on matters referred to it, the memorandum added.
Source: Financial Express