“Let’s talk about our endgame. It’s about devaluing the data.” That’s how General Manager Stephen Orfei kicked off his keynote address in Vancouver today, emphasizing the Council’s focus on taming emerging risks with proven technologies. Check out this new quick infographic to see how EMV, point-to-point encryption technologies can work together to eliminate payment data as a target for hackers.
For any organization connected to the internet, it is not a question of if but when their business will be under attack. With 42.8 million cyberattacks expected this year alone, and the cost of global cybercrime soaring to $US465 billion a year, businesses cannot afford to take a reactive approach to security.
A strong, layered defense is important. But it doesn’t stop there. Organizations have to be proactive, vigilant and prepared in their security efforts to combat current and evolving threats and keep payment card data out of the hands of the bad guys.
Devaluing the data is the end game. With a multi-layered approach that includes dynamic chip technology at the point-of-sale, point-to-point encryption and tokenization we can make this data useless in the hands of hackers and organized crime and fight back against cyberthreats. Organizations should take advantage of the shift to EMV chip and be proactive in making the investment that will help protect against malware and other threats and position them best to take advantage of future payment acceptance models and security technologies.
Devaluing data will be a key discussion point throughout the Council Community Meeting this week in Vancouver, featuring keynote speaker Brian Krebs, and bringing together global cybersecurity, payment technology and data forensic experts to discuss the latest threats and best practices for protecting consumer payment information from criminals.
Stay tuned to this blog and @PCISSC for all the latest updates!