MUMBAI: A Verizon reports said on Friday that the financial sector continues to be victimised by motivated organised crime, with servers being involved in 90% of financial breaches, as Indian organisations get ready to deploy the new global payment security standard in the 5G era.

According to the 2022 Verizon Payment Security Report, the cybersecurity risks organisations face are more sophisticated and evasive than they were even two years ago, despite the Payment Card Industry Data Security Standard (PCI DSS) compliance greatly improving in 2020. (2022 PSR). Version 4.0 of the payment security standard was released by the PCI SSC, a global payment security forum.

The present version of PCI DSS, v3.2.1, will stay in effect for two years until it is discontinued on March 31, 2024 to provide organisations time to comprehend the changes in version 4.0 and apply any revisions required.

Sampath Sowmyanarayan, CEO of Verizon Business, said: "Despite compliance advancements, we know that bad actors are still out there and stronger than ever. "Organisations will need to address their aims and goals at a project, programme, and strategic level to remain safe in today's increased cybersecurity climate," Sowmyanarayan said.

According to the study, total PCI DSS compliance dramatically increased in 2020, with 43.4% of organisations maintaining full compliance, up from 27.9% in 2019. Even though one or more security control omissions caused over half (56.7%) of organisations to fail their intermediate validation assessment, the security control gap nonetheless decreased significantly from a peak of 7.7 percent in 2019 to a low of 4.0 percent in 2020.

According to Lance Johnson, Executive Director of the PCI Security Standards Council, "key changes to the standard focus on meeting the evolving security needs of the payments industry, continuously promoting security processes, increasing flexibility for organisations using different methods to achieve security objectives, and enhancing validation procedures."

The pandemic exposed the weakest links in the financial services industry, which significantly increased the appeal of future technologies like 5G and edge computing.

The report said,  "5G's speed and reliability will continue to improve the mobile experience for the payments industry, offering enhanced customer security through advanced biometric-based identification and verification technologies."

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