back Back

Alibaba Cloud and LGMS partnership enables PCI DSS compliance

By Edil Corneille

January 13, 2021

  • Alibaba
  • China
Share

Alibaba CloudAlibaba Group’s digital technology and intelligence backbone, Alibaba Cloud, is in a partnership with cybersecurity consulting company, LGMS. The collaboration is intended to help enterprises boost their security capabilities. With more organisations adopting a hybrid cloud approach to their digital transformation journeys, the partnership is designed to help companies enhance their cybersecurity capabilities in a multi-cloud environment, effectively protecting the security of both private and public clouds.

The integration of LGMS with Alibaba Cloud’s Marketplace will help the customers of Alibaba Cloud to gain access to LGMS’s one-stop service to comply with the Payment Card Industry Data Security Standard (PCI DSS). Organisations accepting or processing payment data are required to follow the PCI DSS global standard. By going through LGMS’s evaluation process, businesses will be able to identify and rectify their potential security loopholes to ensure payment security and reduce unnecessary losses. As the demand for contactless digital payment methods rose amid the COVID-19 pandemic, industries such as e-commerce, healthcare and education saw a growing need to move their operations online to protect customers from cyber attacks as well as their own operations from breaches.

Clients of Alibaba Cloud, assisted by LGMS, will need to go through 3 steps to comply with the PCI DSS – identify potential system risks via self-assessment, detect system vulnerabilities using penetration testing and improve security capabilities to fulfil all PCI DSS conditions, after which they will obtain the attestation from LGMS. Undergoing this process provides businesses with a comprehensive and professional health checkup and helps them save time by avoiding having to research the compliance requirements relevant to their businesses.

Fong Choong Fook, Chief Executive Officer, LGMS said, “The financial loss caused by cyber security incidents urges businesses to strengthen their payment environment. With just a few clicks, Alibaba Cloud can provide companies from across the Asia Pacific region and beyond easy-to-use assessment services and globally-authorised PCI DSS certificate, for more companies to protect their customer’s payment information.”

“Alibaba Cloud is committed to building partnerships with brands that offer value-added services capable of meeting shifting customer demands,” said Selina Yuan, President of International Business, Alibaba Cloud Intelligence. “We are proud to be working with LGMS, an industry expert with a strong track record in the field of cyber security assessment. With this partnership, we are able to offer customers access to LGMS’s world-class professional experience to ensure the highest security standards in the process of their digital transformations.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

January 13, 2021

Surecomp enables Absa Group’s pan-African trade finance digitisation across 10 countries

Read More
Next Article

January 13, 2021

Carne Group secures €100 million investment from Vitruvian Partners

Read More

IBSi Prime News

Weekly

October 15, 2021

Alibaba

The Weekly Wrap: all you need to know by Friday COB

Read More
  • Daily insightful news analysis
  • Weekly snapshot of the industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by the IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 14, 2021

Cloud Native Computing Foundation welcomes American Express as Gold Member

Read More

October 14, 2021

R3 acquires world class regulated markets stablecoin issuance capability with Ivno software

Read More

October 13, 2021

DNB Bank ASA selects Fenergo to streamline group-wide AML operations

Read More

Related Reports

Pages

Bank-wide
Sales League Table Report 2021

£1,500 / year

Know More

Pages

Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More

Pages

Retail Banking
The Future of Digital Banking Report 2021

£1,500 / year

Know More

Pages

Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More

Pages

Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More