The European Banking Authority (EBA) has published its final Guidelines on security measures for operational and security risks of payments services under the revised Payment Services Directive (PSD2). These Guidelines are in support of the objective of PSD2 of contributing to an integrated payments market across the European Union, promoting equal conditions for competition, and mitigating the increased security risks arising from electronic payments. This, in turn, minimises disruption to users, payment service providers and payment systems.
These Guidelines aim to ensure that payment service providers have in place appropriate security measures to mitigate operational and security risks. These should include the establishment of an effective operational and security risk management framework; processes that detect, prevent and monitor potential security breaches and threats; risk assessment procedures; regular testing; and processes to raise awareness to Payment Service Users on s
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