CYBERSECURITY
How to remain safe in today ’ s heightened cybersecurity climate The COVID-19 pandemic escalated online business activities and payment card transactions , but it also enabled the skillful exploitation of both existing and emerging threats and weaknesses within payment systems and processes . Further complicating the payment security landscape for Chief Information Security Officers ( CISOs ) and other security practitioners , the PCI SSC recently instituted the most significant rewrite of the DSS since its release in 2004 . While a significant step forward , security leaders need to focus their attention and resources on getting up to speed with these new requirements . Released earlier this year , PCI DSS v4.0 will go into effect in 2024 .
“ Substantial industry feedback drove changes to PCI DSS v4.0 ,” says Lance Johnson , Executive Director of the PCI Security Standards Council . “ Key changes to the standard focus on meeting the evolving security needs of the payments industry , continuously promoting security processes , increasing flexibility for organisations using different methods to achieve security objectives , and enhancing validation procedures .”
Verizon ’ s Sowmyanarayan adds : “ To remain safe in today ’ s heightened cybersecurity climate , organisations will need to approach their objectives and goals at a project , program and strategic level .”
Companies worldwide are continually working to improve payment security in a growing market as digital payments increase . Using India as an example , according to the Press Information Bureau ( PIB ) of India , in March 2022 , digital payment transactions increased exponentially in the last four years , from 31.34 billion to 74.22billion .
And according to The Business Research Company ’ s research report on the payment security market , this increasing adoption of digital payment modes is expected to propel the growth
54 November 2022