At the PCI SSC's second annual India Forum on payment data security, nearly 1000 registrants from the country's leading payment card companies were in attendance. Some of the most prominent figures in the Indian financial sector attended this year's conference. India's private payment data security seminar's VIPs included leading tech companies like Netflix. This meeting of the PCI SSC executive team focused on software security, PCI DSS updates, and contactless payments.
To ensure a secure payment ecosystem, P. Vasudevan, Reserve Bank of India's Chief General Manager, emphasised the importance of PCI Security Standards in designing these systems. And he also discussed best practises, new technology advancements, and industry collaboration to better protect payment card data.
COVID-19's impact on payments and security was also discussed by industry leaders. During the pandemic, the PCI Security Standards Council (PCI SSC) provided updates on the various resources and improvements made to better serve the payments industry. According to regional speakers, the payment ecosystem in India is undergoing significant change. Nitin Bhatnagar, Associate Director for India, PCI Security Standards Council, said that "digital payments became a part of life in India in 2020 because of the pandemic." Because of this, cybercriminals are increasingly targeting the country, and cardholder data protection is becoming a major concern. During this discussion, we'll examine the most pressing data security issues in India.
Data security standards are also emphasised by India's National Cybersecurity Coordinator Lt General (Dr.) Rajesh Pant because India is one of the most cyber assaulted countries. "It is not just the pandemic that will be talked about in 2020 & 2021. We've seen a rise in the use of virtual collaboration, e-government, and online transactions among workers and consumers." As a result, the number of cyber-attacks in the country has risen dramatically in recent years ", he said.
According to PCI Security Standards Council Executive Director: "Cybercrime is predicted to cause $6 trillion USD of damages by 2021-22, making it one of the largest dangers to economic success for enterprises in practically every country." It is imperative that we work together to combat payment fraud and other forms of cybercrime so that all parties, including business owners, employees, and customers, can conduct their transactions safely and profitably. For our global efforts to improve payment security and raise awareness among Indian companies, this event will be held."
He said one of the most fundamental security concerns is that industry stakeholders don't see security investments like this as a necessary expenditure, but rather as a cost that must be incurred. Fintech companies must incorporate security into all aspects of their products and services. It is critical to develop secure business models because cybercriminals and fraudsters are always one step ahead of the industry. You should strongly consider adopting the PCI Data Security Standards (PCI DSS) because of their rigour and safe transaction environment, which I have witnessed."
Creating a safe, secure, trusted, resilient, and vibrant cyberspace is the goal of India's national cybersecurity plan. "The PCI Security Standards suit well in terms of relevance and reliability," he continued, highlighting Indo-US strategic collaborations. A safe cyber world will only be possible if the entire world works together."
About the PCI SSC India Conference
To discuss payment security issues in India and around the world, the India Forum brings together business, industry, and government leaders. Members of the Indian PCI Security Standards Council (SSC) can share their experiences and views on PCI Security Standards and plans in 2021-22.
It is part of the PCI SSC's ongoing efforts to raise awareness and acceptance of the PCI Security Standards in India. The event featured speakers from Indian businesses, industry organisations, and the government. For India and the world, a safer payment environment must be developed through worldwide collaboration, feedback, and knowledge-sharing."
