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.
The identity and access management strategy for the remote workforce should ensure contextual authentication to establish the credentials of the users, apply risk-based authentication for measuring user risk profiles, and establish a multifactor authentication mechanism, a panel of experts says.
Organizations in India need to ramp up their authentication efforts in light of a 40% increase in cashless transactions since the start of the COVID-19 pandemic, which has led to increases in attempted fraud, security experts say.
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.
"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.
The latest edition of the ISMG Security Report offers an in-depth analysis of whether Instagram is doing enough to protect the contact information of minors. Plus: Compliance updates on GDPR and PCI DSS.
Many companies around the world that accept card payments are failing to continually maintain compliance with the PCI Data Security Standard, according to the new Verizon 2019 Payment Security Report. Verizon's Rodolphe Simonetti, who contributed to the report, explains the findings.
In December, PCI SSC plans to publish a new standard for solutions that enable "tap and go" transactions on merchant smartphones and other commercial off-the shelf mobile devices. Troy Leach, the council's CTO, offers insights on the role the standard will play in enhancing security for smaller merchants.
The latest edition of the ISMG Security Report offers an in-depth analysis of how to prevent data exposure in the cloud. Plus: why PCI's new contactless payment standard lacks PINs, and how to go beyond the hype to accurately define "zero trust."
Data breaches, incident response and complying with the burgeoning number of regulations that have an information security impact were among the top themes at this year's Infosecurity Europe conference in London. Here are 10 of the top takeaways from the conference's keynote sessions.
An essential component of protecting payment information is devaluing the data that is transmitted so it's of no use to hackers, says Lance Johnson, executive director of the PCI Standards Security Council.
A closely held type of point-of-sale malware, DMSniff, is spreading further while another, GlitchPOS, has also emerged. Despite a surfeit of stolen payment card details on the black market, efforts to steal more continue, highlighting the continuing challenges around card security.
As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
Forty-three states have reached a settlement with Neiman Marcus over its 2013 data breach, one of several breaches from that period blamed on in-memory malware. The retailer will pay $1.5 million and must use encryption and tokenization to protect card data.