Indian firms must adopt new payment security standard as 5G era begins

As Indian organisations prepare to implement the new global payment security standard in the 5G era, a Verizon report said on Friday that the financial sector continues to be victimised by motivated organised crime, with servers being involved in 90 per cent of financial breaches.

Despite the Payment Card Industry Data Security Standard (PCI DSS) compliance improving significantly in 2020, the cybersecurity threats organisations face are more cunning and evasive than they were even two years ago, according to the 2022 Verizon Payment Security Report (2022 PSR).

The PCI SSC, a global payment security forum, has published version 4.0 of the payment security standard.