The latest 2020 Payment Security Report from Verizon has just been published, and we at Advantio were one of the contributors.


So, what can we learn from the 2020 Payment Security Report? Advantio CEO and Founder, Marco Borza shares some of his thoughts:

In 2020 threats to payment card data have continued to increase along with the number of breaches. The breaches have also had a long-lasting impact on the affected companies.

What the new 2020 Payment Security Report also highlights is that fewer and fewer organisations have kept a minimum baseline of security controls in place. This is reflected in the sustainability trend analysis where we see a drop from the peak of 60% of the organisations being able to achieve PCI DSS compliance during their pre-assessments phase in 2016 to only 27. 9% in 2019 - some decline.

"Unfortunately we see many businesses lacking the resources and commitment from senior business leaders to support long-term data security and compliance initiatives. This is unacceptable," said Sampath Sowmyanarayan, president, Global Enterprise, Verizon Business. "Payment security has to be seen as an ongoing business priority by all companies that handle any payment data, they have a fundamental responsibility to their customers, suppliers and consumers."

What is hiding behind these worrying declines in the numbers?

Has the PCI DSS standard aged to the point that it has become more difficult to adapt with emerging fintech technologies and security environments or is there something else?

Here at Advantio we share a common view with the authors that it all can be linked to two key factors:

  1. The shortage of cyber security skills in the market
  2. The lack of sound cyber security leaders available to meet the demands of a growing number of organisations in need.

At the Gartner symposium of 2018, one of their key cyber security analysts, Sam Olyaei, spoke about cyber security to a room full of hundreds of CIO’s and tech leaders. He advised that building Cyber security capability is not going to be easy in the current environment and that the right path forward is to leverage outsourcing more effectively.

We believe there are two distinct roads ahead:

  1. You can outsource your cyber security to a third party or
  2. You can own it internally

But in both cases, the first starting point is building a cyber security strategy and an assessment of your current maturity to know where you are, to understand where you want to be and to build a sound plan.

If you are a fintech wanting to, assess your current maturity, to help you build your cyber security strategy or to outsource your SEC and OPS completely and to focus only on your DEV get in touch with us as we can help.

Read Verizon 2020 Payment Security Report

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Their work should have not stopped there because achieving compliance is an occasional result that doesn't ensure a continual protection.

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Marco Borza

Written by

I am the Founder of Advantio.
Technology has been my passion since I was a kid; when I first heard the handshake of an old 300bps modem I realised security would be key in an interconnected world. Since then it has become my passion and primary focus.
The reason why I've started my own business is to make IT Security simple.

Certifications: CISSP / CCSA (Checkpoint) / ITIL Foundations / ACSA (ArcSight)/ Linux+/ PCI-QSA / PA-QSA

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