The Paypers sat down with David W. Jones, Senior Director of Global Business Development at Irdeto, to discuss this important approach, current trends in the payments security space and how Irdeto is helping banks and PSPs deliver a convenient and safe digital shopping and banking experience for consumers.
What is Irdeto, and what are some initiatives Irdeto is working on in the payment space?
Irdeto is the world leader in digital platform security. For nearly 50 years, we have worked with software application providers, connected device manufacturers, pay-media operators and content creators to secure brand, products, and business models. Our deep security knowledge has allowed us address other industries, including the payments and banking segment where we are active and investing to expand our market position. Today, our security technology protects over USD 750 million in payments and more than 2 billion devices against cyberattacks for some of the world’s most well-known brands.
Our solutions provide a critical layer of security for today’s anytime, anywhere e-commerce and payment environments that enable banks and payment service providers (PSPs) to deliver a convenient and safe digital shopping and banking experience for consumers.
What threats currently exist in this market that consumers, PSPs and banks should be aware of?
Ecommerce ecosystems are increasing in complexity. While banks and PSPs try to implement security best practices, many gaps exist in current infrastructure with security focusing on the server. Client security is often overlooked and exacerbated by customers who unknowingly introduce security vulnerabilities in their device, browser or application configuration. As a result, it is critical for banks and PSPs to close those client side gaps to provide consumers with secure web and mobile-enabled payment solutions. Irdeto enables PSPs and banks to create new consumer trust which can enable new business models and services.
What are the most important characteristics of security solutions for PSPs?
PSPs must secure the most vulnerable aspect of digital transactions — the application. Organizations must implement integrity verification that ensures that any code/data tampering in the client or unauthorized access to network data is detected immediately. This helps mitigate both external and internal attacks before damage is done. In addition, banks and PSPs should implement security solutions that integrate directly into the software build process so the security they need can be quickly replicated across any platform.
How can security enable new business models and revenue for PSPs?
For banks and PSPs, keeping up with customer demand for anytime, anywhere ecommerce and/or payments is an ongoing challenge. They must be quick to market with new products that support the latest devices and channels. Today some business areas are too risky or impractical to enter without applying the right security. However, a security breach can devastate a brand. Both the financial and reputational damage could be so great that a business may never fully recover. This does not have to be the case. With proper security in place, businesses will be able to innovate freely, enable new business models and drive revenue growth without fear of falling victim to a cyberattack.
Is the security of mobile payments something that PSPs and banks are making a priority?
Recent high-profile cyberattacks are causing PSPs and banks to rethink cybersecurity strategies, including the security of mobile payments. That said, many organizations are eager to bring mobile payment features to market quickly. Often times this results in security being an afterthought, creating gaps in mobile payment applications. This is why security needs to be considered at the onset of any payment initiative, including mobile payments. Many mobile/web applications are still deploying with legacy security methodologies a base-line server focused defense – which is not robust enough to fend off more sophisticated attacks and is not future-proof.
Looking forward, what lies in store for secure payments? What new threats and solutions do you see arising?
The number of attacks against consumers, PSPs and banks will become more frequent and sophisticated. To maintain the integrity and security of a platform, banks and PSPs need to remain one step ahead of the hackers. This requires deep insights into the activities hackers employ, learning from early exploits and protecting against it in other markets, and responding very quickly to any attacks. This approach will allow banks and PSPs to deliver a secure and convenient banking and digital shopping experience for consumers.
About David W. Jones
David joined Irdeto in 2008, since that time his responsibilities have included Global partnership strategy and management, and technical partner support services. Dave has extensive international experience working with diverse global partnerships and their introduction to Irdeto’s global customers. In 2014 David moved to the Business Development team to drive entry into new markets/segments which can benefit from Irdeto’s core technologies. David now leads Irdeto’s Payments and Banking segment, delivering solutions to the Financial Services industry and driving relevant partnerships and channels.
About Irdeto
Irdeto is a pioneer in digital platform and application security, with its software security technology and cyber services protecting over 2 billion devices against cyberattacks for some of the world’s best known brands. For nearly 50 years, Irdeto has worked with software application providers, connected device manufacturers, pay-media operators and content creators to secure their products and business models. Combining proven technologies and services, Irdeto Payments & Banking solutions enable banks and PSPs to deliver a convenient and safe digital shopping or banking experience by safeguarding customer data even in the most hostile environments.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now