Business Wire India
With the onset of the fintech age, governments are vying to enhance their payment infrastructure for inclusivity and rapid adoption by merchants and consumers. This has increased dependency on the technology space and it has opened more avenues for cyber security threats to impact the payment ecosystem at various levels. PCI GEAR is constituted by the PCI SSC as a platform for assessors to exchange regional challenges directly with the PCI SSC.
Nitin Bhatnagar, Associate Director, PCI SSC India, who has been tasked with creating education and awareness of the PCI data security standards with Regulators, Governments and Fintechs in the country, has said, “Congratulations to Crossbow Labs on being elected as a GEAR Member from India. PCI DSS v4.0 is a unique example of how the Council is evolving security standards and validation programs to support a range of environments, technologies, and methodologies for achieving security. India is an increasingly significant market when it comes to cybersecurity. With the release of version 4.0 of our PCI Data Security Standard this year, it is even more important to have active representation from every corner of the globe from an assessor perspective. There is a need for cooperation among cyber security professionals to join our community of payment stakeholders to help promote the education and implementation of strong payment security standards.”
Deepak Umapathy, CEO of Crossbow Labs has said, “Being selected for GEAR as part of 28 organisations out of all the global qualified assessor companies gives us extreme accountability to provide the right kind of advisory. Ensuring that the policies created by regulators are technically implemented and can be readily adopted by organisations of all sizes is the key success factor in establishing cybersecurity across the finch ecosystem. With the blooming of micro financing and fintech startups in the country, the regulators have to tread the tightrope with growth, consumer protection and adaptability in mind. Newer standards like the PCI DSS v4.0 has evolved into a broad-ranging standard on payment security with tremendous flexibility for aiding newer technologies.”
The fact that central regulators in India such as the RBI has endorsed this legally is a great vindication of its success in the country. Implementing compliance standards across the payment industry has reduced the choke points for credit card thefts and frauds and this enables safer and trusted platforms for the enhanced e-commerce and online payment networks in the country.
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