Sberbank has become part of the Payment Card Industry Security Standards Council building on the continued quest to improve card data security mechanisms across the globe.
In joining the council, Sberbank will contribute to the development and adoption of the industry’s security standards.
PCI SSC is a global cross-industry organisation that aims to enhance global payment account data security by providing flexible, industry-driven, and effective data security standards.
Stanislav Kuznetsov, Deputy Chairman of the Executive Board, Sberbank, commented: “Sberbank is among the top three largest merchant acquirers in the world. Therefore, the scale of operations, our experience, and constantly growing cybersecurity competencies, as well as our attention to the security of all data-driven processes, will be in demand with PCI SSC.
“According to a World Economic Forum report, cyberattacks and data theft are now the third major business risk, with only recessions and bankruptcies ahead of them.
“Cybercriminals are building up their arsenal nonstop. The damage to the world economy is growing every year, and we can only counter this by taking coordinated actions together. By joining the Council, we hope to contribute to the development of the security standards for the payment card industry.”
Its pillar is the PCI Data Security Standard which provides a quality basis for developing a reliable payment card data process to protect card data, prevent, detect, and mitigate cyber-attacks and violations.
Mauro Lance, Operating Officer, Payment Card Industry Security Standards Council, added: “In an era of increasingly sophisticated attacks, payment card industry security standards and our resources help organisations protect payment data and prevent, detect, and mitigate attacks that may lead to costly data breaches.
“By joining PCI SSC as a participating organisation, Sberbank is demonstrating that it is playing an active role in improving the security of payments around the world, helping to raise awareness and adapt the security standards of the payment card industry.”