Addressing digital payment security challenges requires having good identity verification capabilities as well as a strong authentication process that's friction-free for consumers, says Singapore-based Gautam Aggarwal, senior vice president and regional chief technology officer, Asia Pacific, at Mastercard.
To battle against a surge in cybercrime during the COVID-19 pandemic, enterprises need to take several steps, including periodic vulnerability and risk assessment tests and regular audits, says Rajan Pant, founder of IT-SERT of Nepal. Pant also is calling on the government to take action.
During the COVID-19 pandemic, when so much of the workforce is working at home, companies need to make sure they conduct audits to ensure appropriate security procedures are in place, says Prasanna Bharatan, global head assurance and risk management at Wockhardt, a global pharmaceutical company.
Compliance audits are still important during the struggle to manage security during the COVID-19 pandemic, says Parag Kulkarni, CISO at Bajaj Finance (Auto Finance) , a financial services company, who explains why.
To deal with the problem of "shadow IT" during the COVID-19 pandemic, organizations should put in place redefined compliance and governance policies, take a multilayered security approach and adopt a security framework to prioritize risks, a panel of three experts advises.
Singapore's open banking effort has expanded the attack surface, and the only effective defense is to enhance threat intelligence sharing among banks, retailers and third parties, says Tom Wills, a Singapore-based cybersecurity practitioner who is a consultant for financial institutions.
Privileged access management is more critical as a result of the shift to telework during the COVID-19 pandemic and the ongoing movement of applications and data to the cloud, says Dr. Yask Sharma, CISO of a large national critical infrastructure organization in India, who outlines essential PAM components.
Supermarket giant Morrisons is not liable for a data breach caused by a rogue employee, Britain's Supreme Court has ruled, bringing to a close the long-running case - the first in the country to have been filed by data breach victims.
Zoom has apologized for sharing large sets of user data by default with Facebook, blaming the social network's software development kit, which it has removed from its iOS app. With COVID-19 driving unprecedented levels of remote working, video conferencing software is under the privacy and security microscope.
The Reserve Bank of India's plans to create a self-regulatory organization by April to help oversee the digital payments system could help reduce the complexity of RBI's efforts to help ensure payments security, some security experts say.
Iowa prosecutors have dropped all charges against two penetration testers who were contracted to test the electronic and physical security of three judicial facilities, only to be arrested for trespassing. The case highlights how a lack of communication before penetration tests can have serious consequences.
One of biggest challenges of complying with Thailand's Personal Data Protection Act, which will go into effect in May, is managing the consent of customers, says Surachai Chatchalermpun, CISO with Krung Thai Bank, the nation's largest state bank.
"I don't think most organizations are prepared for the personal data protection and privacy bill that has been approved by the cabinet, as most people still confuse privacy and security and think that it is just an add-on to security," says Privacy Expert, Shivangi Nadkarni, CEO, Arrka Consulting.
Starting Jan. 1, State Bank of India will no longer accept magnetic stripe debit card transactions and will accept only EMV chip-based cards in compliance with an RBI mandate, which is designed to help prevent card fraud, including skimming and cloning.
One of the largest fines to date for violating the EU's General Data Protection Regulation has been announced by Germany's federal privacy and data protection watchdog, the BfDI, against 1 & 1 Telecommunications, in part for inadequate authentication mechanisms. The company plans to appeal.