A Security Summit, hosted by the PCI Security Standards Council (PCI SSC) on payment data security online on 3 June, drawing over 1,000 registrations representing some of the leading stakeholders in the payment card industry.
Industry panelists at the summit included representatives from Global Payments, the National Payments Corporation of India, and Amazon Internet Service Provider Limited for a high-level discussion of payment security in the pandemic era and post pandemic.
PCI SSC’s executive team provided key PCI Standards updates including plans for the next revision of the PCI Data Security Standard (PCI DSS) as well as information about the important issues of software security and contactless payments.
“Cybercrime has continued to increase during the COVID-19 pandemic with criminals using old and new tricks aggressively which makes it one of the greatest threats to economic recovery and ongoing success for businesses in India and around the globe,” said Lance Johnson, Executive Director of the PCI Security Standards Council. “Together we must rise to the challenge of fighting payment cybercrime to ensure that everyone, from business owners to employees and customers can do business securely.”
“Engaging stakeholders in India to talk about these critical issues is a big part of the PCI SSC’s work,” added Troy Leach, Senior Vice President Engagement Officer of the PCI SSC. “This event is an important part of our efforts to create awareness, share knowledge and foster greater participation from Indian organizations in the work we do globally to improve payment security.”
Nitin Bhatnagar, Associate Director – India, PCI SSC led a panel discussion about the past, present and future of payment security in India. The panel included Rajesh Hariharan, Director, Information Security, Global Payments; Viswanath Krishnamurthy, Chief Risk Officer, National Payments Corporation of India and Swati Sharma, FSI Compliance Specialist, Amazon Internet Service Provider Limited. Among the many topics covered was the impact of the COVID-19 pandemic on the way payments are accepted. “The COVID-19 crisis has led to a rapid growth in the use of technology, e-commerce and mobile payment acceptance. This growth has not gone unnoticed by cyber criminals who continue to make India a top target of their criminal activities,” said Bhatnagar. “Quality standards and training programs to implement those standards, represent a pathway to better security practices for organizations. That is our core mission at the PCI SSC and is why we continue to engage India in a meaningful way.”