IFSCA / ILOC Audit
Cybersecurity audit for IFSC-regulated entities at GIFT City under IFSCA's cybersecurity framework.
IFSCA Cybersecurity Audit for GIFT City Entities
The International Financial Services Centres Authority (IFSCA) regulates financial services entities operating in India's International Financial Services Centre (IFSC) at GIFT City, Gujarat. In 2021, IFSCA issued a cybersecurity framework circular applicable to banks, insurance companies, fund managers, and fintech firms operating in the IFSC. The framework aligns with international standards including FSB and BIS cyber resilience guidance, recognising the international character of IFSC-domiciled entities, while also interfacing with CERT-In and Indian regulatory obligations.
Intelliroot's IFSCA cybersecurity audit covers the full scope of the IFSCA circular — from governance and third-party risk to resilience testing and incident reporting. Our unique combination of international compliance expertise (CREST certification, DORA/FSB framework knowledge) and Indian regulatory depth (CERT-In empanelment) makes us the ideal audit partner for GIFT City entities navigating this dual-jurisdiction environment.
Why IFSCA Cybersecurity Compliance Requires Specialist Expertise
Dual-Jurisdiction Complexity
GIFT City entities operate under IFSCA regulation but remain subject to CERT-In and other Indian regulatory obligations. Navigating the interaction between IFSCA's international-aligned framework and India's domestic cybersecurity requirements demands expertise in both regulatory environments.
Licence-Critical Compliance
IFSCA cybersecurity compliance is a licence condition for entities operating in the IFSC. Failure to maintain adequate cybersecurity governance and submit required audit certifications can jeopardise the IFSCA operating licence — a critical business risk for GIFT City entities.
International Client Expectations
GIFT City entities serve international financial institutions and counterparties who expect cybersecurity standards commensurate with global financial sector benchmarks. IFSCA's FSB/BIS-aligned framework reflects these expectations — an independent audit provides the assurance international counterparties demand.
Emerging Regulatory Landscape
IFSCA is actively developing its regulatory framework and additional cybersecurity requirements are expected. An established audit relationship with Intelliroot ensures you have expert guidance as the IFSCA regulatory environment evolves.
What the IFSCA Cybersecurity Audit Covers
Governance & Risk Framework
- Cybersecurity governance structure and Board oversight
- Cyber risk management framework assessment
- Information security policy suite review
- Security awareness and training programme
Technical Controls
- Access control and identity management review
- Network security and perimeter defence assessment
- Vulnerability assessment of IFSC-domiciled systems
- Encryption and data protection controls
Resilience & Third-Party Risk
- Business continuity and cyber resilience testing
- Third-party and outsourcing risk assessment
- Cloud service provider security review
- Concentration risk from critical service providers
Incident Response & Reporting
- Incident detection and response capability
- IFSCA incident reporting process and readiness
- CERT-In incident reporting interface
- Crisis communication and escalation procedures
Our IFSCA Audit Approach
Regulatory Mapping & Scoping
Map the IFSCA cybersecurity circular requirements to your entity type (bank, insurer, fund manager, fintech), identify applicable FSB/BIS international standards, and confirm the interface with CERT-In and other Indian regulatory obligations relevant to the IFSC entity.
Documentation & Governance Review
Review IS governance documentation, Board committee terms of reference, risk management frameworks, BCP/DR plans, and third-party contracts against IFSCA circular requirements and international best practices.
Technical Control Assessment
Conduct VAPT of internet-facing and internal systems, configuration review of critical infrastructure, and access control assessment — covering the full technical scope required by the IFSCA cybersecurity framework.
Resilience & Third-Party Assessment
Evaluate cyber resilience testing programmes (penetration testing, DR exercises, tabletop scenarios) and assess third-party risk for key service providers — with particular attention to concentration risk from single critical vendors.
Report Issuance & IFSCA Submission
Issue the IFSCA cybersecurity audit report signed by the CERT-In empanelled auditor, with findings mapped to IFSCA circular requirements and international standards. Prepare the compliance submission package for IFSCA.
Frequently Asked Questions
Deliverables
IFSCA Cybersecurity Audit Report
Comprehensive audit report signed by CERT-In empanelled auditor, with findings mapped to IFSCA circular requirements and relevant FSB/BIS international standards.
Control Gap Register
Risk-rated gap register covering IFSCA circular, CERT-In, and applicable international standard requirements — with evidence references and remediation recommendations.
Third-Party Risk Assessment
Structured assessment of key third-party and outsourced service providers, including concentration risk analysis and contractual security obligations review.
IFSCA Compliance Submission Pack
Compliance evidence package formatted for submission to IFSCA, including the audit report, compliance attestation, and supporting annexures.
Remediation Roadmap
Prioritised remediation plan with effort estimates, aligned to IFSCA compliance timelines and international standard best practices.
Request a Security Assessment
Tell us about your environment and security objectives. We'll design a bespoke assessment and deliver a detailed proposal within 48 hours.