Sberbank joins PCI SSC to boost card data security mechanisms globally

By Megha Bhattacharya

Sberbank has recently joined the Payment Card Industry Security Standards Council in a bid to boost card data security mechanisms worldwide. Sberbank, as a member of the Council, aims to continue its contribution to the development and adoption of industry’s security standards. Sberbank, as a PCI SSC member, is expected to collaborate with around 800 member companies for boosting payment security throughout the world.

Stanislav Kuznetsov, Deputy Chairman of the Executive Board, Sberbank said, “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. By joining the Council, we hope to contribute to the development of the security standards for the payment card industry.”

Sberbank stated that it will also be allowed to recommend new initiatives for the Council and explore cross-industry expertise and best practices at the annual PCI SSC meetings.

PCI SSC is a global cross-industry organization aiming to enhance global payment account data security with effective data security standards. Its pillar is the PCI Data Security Standard which provides a basis for developing a 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 said, “In an era of increasingly sophisticated attacks, payment card industry security standards and our resources help organizations protect payment data and prevent, detect, and mitigate attacks that may lead to costly data breaches. By joining PCI SSC as a participating organization, 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.”