Mumbai 9 September : As Indian companies prepare to adopt the new payment security standard globally in the 5G era an Verizon report on Friday said that the financial sector continues be targeted by organized criminals, with servers being involved in 90% of financial security breaches.Despite Payment Card Industry Data Security Standard (PCI DSS) compliance increasing significantly in 2020 the cybersecurity threats that businesses confront are more sophisticated and evasive than just two years ago as per the 2022 Verizon Payment Security Report (2022 PSR).
The PCI SSC, a global payment security forum, has released the version 4.0 of the payment security standard.
To give organizations the time to comprehend the new features in version 4.0 and implement any upgrades required The latest version of PCI DSS, v3.2.1 will be available for two years, until it’s removed on March 31st 2024.
“Despite the improvement in compliance but we know that criminals are present and more powerful than ever before,” declared Sampath Sowmyanarayan, CEO, Verizon Business.
“To remain secure in the current heightened cybersecurity environment organizations will need to consider their goals and objectives at a program, project and strategic level” Sowmyanarayan added.
The report revealed that overall PCI DSS compliance improved significantly in 2020, with 43.4 per cent of companies ensuring complete compliance, compared to 27.9 percent in 2019.
In addition, although more than half (56.7 percent) of organisations failed their interim validation tests because of one or more security control inadvertently missing The security control gap remained significantly, from a high 7.7 percent in 2019 to the low of 4.0 percent in 2020.
“Key modifications to the current focus on meeting the ever-changing security requirements of the payment industry continually improving security processes, increasing the flexibility of organizations using various methods to meet security goals and improving validation processes,” said Lance Johnson Executive Director of the PCI Security Standards Council.
The report noted that team of CISOs will have to follow a logical and coordinated approach to assess the requirements and constraints of PCI DSS v4.0, while navigating the changes.
The attraction of new technologies, like 5G, as well as edge computing gained momentum after the pandemic exposed the weakest points of the industry of financial services.
“The rapidity and reliability of 5G will improve the mobile experience for those in the payments industry, ensuring more security for customers through advanced biometric-based authentication and verification methods,” said the report.
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