PCI LONDON 2022
UK PAYMENT CARD INDUSTRY (PCI) TO CONSIDER CONCERNING RISE IN CYBER CRIME WHILST COMPLIANCE FALLS DRAMATICALLY.
Cyber attacks in Ukraine have dumbfounded cyber experts across the globe. Last week alone, state-sponsored hackers defaced the websites of more than 70 government departments. Theorists predict this series of attacks on Ukraine could presage a larger operation, one that could reach the UK and threaten the operability of everything, from government agencies to digital payment systems.
According to data published by Verizon, PCI compliance, a baseline security measure to ensure data protection, has been falling year on year. In 2019, UK businesses registering PCI compliance stood at 36%, falling to 26% by 2021. Recognising the growing threats to British consumers, the PCI community prepares for vital talks at the annual PCI London Conference this Wednesday, Jan 26, 2022.
Ahead of her speaking engagement at PCI London, Christina Stevenson, Head of Governance, Risk & Compliance at CyberCX, has outlined the severity of the threats facing the payment card industry.
Stevenson: “This surge in cybercrime should be of concern to us all, especially those in financial industries. Sure, governments are accountable for our safeguarding, especially from non-domestic cyber-threats, but we, as private businesses, and sole traders, must also stand up and take ownership for the protection of our consumers’ card holder data.”
2021 was the worst year for cyber hacks on record. The sophistication of cyber crimes committed is growing with each passing day. Both state and non-state actors are wreaking havoc, and what’s worse, this is taking place as PCI compliance hits record lows.
The combination of historically low PCI compliance rates, and historically high cyberattacks, could signal the coming of a “perfect storm”, for much of the fintech sector. The fintech sector has yet to wake to this growing concern, and whilst there is no guarantee that cyber attacks will worsen, it is still imperative that PCI actors, and those who process payments digitally, pay attention to this news, and address compliance issues. If cyber attacks are to worsen as predicted, and action isn’t taken concerning data security security, the safety of consumers, and the future of the digital payments industry, could be mortally impacted
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