The emergence of innovative Financial Technology (FinTech) has spearheaded rapid growth in the digital payments sector. In recent years, global payment revenues exceeded valuations of $2.2 trillion , with a steady Compound Annual Growth Rate (CAGR) expected in the next five years. There is no denying the convenience benefits that the digital transformation of payments has brought consumers and...

The payment industry is bracing for the transition to Payment Card Industry Data Security Standard (PCI DSS) 4.0 , heralding significant changes in cybersecurity practices. As we approach the implementation of this revised standard, a critical focal point emerges: the role and new mandate of web application firewalls (WAFs) in ensuring compliance. The shift from a best practice to a prescribed...

The increasing popularity of online payment systems results from the world’s gradual transition to a cashless and contactless digital economy — an economy, projected in a recent Huawei white paper, to be worth $23 trillion by 2025. With digital commerce emerging as the largest segment in the projected $8.49 trillion global digital payments market in 2022, it’s not surprising that businesses are...

Compliance with version 3.2 of the Payment Card Industry Data Security Standard (PCI DSS) is a must for organizations that handle, process, transmit and store payment card data. But compliance isn’t always easy to establish or maintain. Indeed, there are certain challenges along the way that can make organizations’ compliance with PCI DSS 3.2 superficial and short-lived. To beat those challenges...

The retail industry saw more than its fair share of data breaches in 2017, with security incidents impacting at American supermarket chain Whole Foods Market and clothing companies Brooks Brothers , The Buckle , and Forever 21 , to name a few. At least some of those events likely resulted from retailers' poor data breach preparation. Consider the fact that just 28 percent of IT security...

The Payment Card Industry Data Security Standard (PCI DSS) was introduced to provide a minimum degree of security when it comes to handling customer card information. While the Standard has been around for over a decade, penetration testing has only recently been officially incorporated into the process. There’s a lot to cover in a PCI DSS engagement, and some aspects may fly under the radar as a...

There is never a dull moment for compliance and security. Case in point, amidst a brewing storm of regulation, version 3.2 of the Payment Card Industry Data Security Standards (PCI DSS) announced in late spring articulates good data security intent along with controversy. PCI has been around since 2006, and aims to protect payment data for consumers and card issuers. A worthy cause, no question...

The recent announcement from the Payment Card Industry Security Standards Council (PCI SSC) that it will be moving the PCI 3.1 deadline to June 2018 – giving an extra 24 months – caught my attention and reminded me of the ongoing dance between compliance and security. From a compliance and operational standpoint, the new deadline gives organizations more time to identify, remove and replace the...

Earlier this year, the PCI Security Standards Council officially released PCI DSS 3.1 only months after its predecessor (version 3.0) came into effect. With a typical three-year period between standard revisions, the out-of-band update caught many off guard, especially organizations still in the process of complying with the changes from the previously established data security standard. Although...