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Five Leading Payment Brands Unite to Strengthen Global Data SecurityNew Independent Organization to Develop and Maintain Security Standards WAKEFIELD, MA -- (AllPayNews) -- September 07, 2006 -- American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International today jointly announced the formation of an independent council designed to manage the ongoing evolution of the Payment Card Industry (PCI) Data Security Standard, which focuses on improving payment account security throughout the transaction process. The founding of the PCI Security Standards Council, LLC, marks a significant milestone in the payment industry's efforts to secure payment account data in a globally consistent manner. Ultimately this means that more than a billion global payment card users will benefit from a higher level of security protection against data theft and fraud. "The payment brands that founded the Council are committed to ensuring the ongoing development of data security standards that are both efficient and effective," said Seana Pitt, chairperson, PCI Security Standards Council. "The creation of this Council is a significant step forward in protecting cardholder information and it underscores the critical nature of this effort." By establishing the independent Council to manage the PCI Data Security Standard for the payments industry, the founding members are developing a system that is more accessible and efficient for all stakeholders including merchants, processors, point-of-sale (POS) vendors and financial institutions. Specifically, the PCI Security Standards Council will: -- Develop and maintain a global, industry-wide technical data security -- Reduce costs and lead times for Data Security Standard implementation -- Provide a list of globally available, qualified security solution -- Lead training, education, and a streamlined process for certifying -- Provide a transparent forum in which all stakeholders can provide "Ensuring the security of electronic payments is of paramount importance to all stakeholders, not just the payment brands," continued Pitt. Participating organizations will be able to recommend changes, provide input on future initiatives, have access and the ability to comment on drafts of potential changes to security standards in advance, as well as influence the organization's overall direction. In addition, participating organizations will be able to elect or serve as a member of the PCI Security Standards Council's Board of Advisors. The PCI Security Standards Council will serve as an advisory group and manage the underlying PCI security standards and each payment card brand will remain responsible for their own compliance programs. As its first action, the PCI Security Standards Council also announced today the PCI Data Security Standard version 1.1. The new standard addresses evolving security threats and recommends that merchants and vendors take action to fortify application and network level security. It provides a framework for ongoing PCI compliance. For more detailed information on PCI DSS 1.1, the Council's organizational structure and how to join, please visit www.pcisecuritystandards.org. About PCI Security Standards Council The mission of the PCI Security Standards Council is to enhance payment account security by fostering broad adoption of PCI Security Standards. For more information, please visit www.pcisecuritystandards.org. For further information contact: For brand specific inquiries please contact: American Express Discover Financial Services JCB MasterCard Worldwide Visa International The following quotes are attributable to the individual payment brands: "Continuing American Express' tradition of superior customer service and protection, we are proud to be a founding member of the PCI Security Standards Council," said Susan Hillel, senior vice president, Global Network Operations, American Express. "We are delighted to join our colleagues across the payments industry to increase further awareness and adoption of data security standards." Discover Financial Services "Data security is a top priority for Discover. To this end, we are committed to the development and support of a single security standard in the payments industry," said Rob Tourt, vice president of network services for Discover Financial Services. "We recognize that merchants want a single standard that works for all brands. A universal standard will help increase data security, reduce the risk of system compromises, and achieve shared goals for overall payments integrity. Discover Network is proud to be a founding member of the PCI Security Standards Council and fully supports its mission to achieve this objective." JCB "The safety and security of cardmembers' personal information is of utmost importance to JCB," said Tac Watanabe, senior vice president, Global Infrastructure & Technologies, JCB Co., Ltd. "The creation of the PCI Security Standards Council and the cross recognition of PCI Data Security Standards by the five major payment card brands are monumental initial steps in achieving our ultimate goal of preventing the exposure of cardmembers' information through system breaches and other vulnerabilities in the payment infrastructure. JCB is committed to minimizing financial losses and inconvenience to all stakeholders in the payment chain including cardmembers." MasterCard Worldwide "For 40 years, the security of cardholders' personal information has been a priority for MasterCard Worldwide. MasterCard is dedicated to working with the payments industry and uniting together to strengthen data security. The formation of the new PCI Security Standards Council represents our combined commitment to helping financial institutions and merchants protect their customers' data," said Bruce Rutherford, vice president, Advanced Payments, MasterCard Worldwide. Visa International "Keeping cardholder information secure has always been a cornerstone of Visa's business. Visa has been a champion of the position that every entity that handles payment card information must adhere to the highest data protection standards. However, we have also long maintained that no single organization or entity can do this on its own. Visa therefore welcomes the opportunity to join with other key payment brands in launching the PCI Security Standards Council as a way to strengthen data security standards globally for all stakeholders within the payment chain," said Brian Buckley, senior vice president, International Risk Management, Visa International. -------------------------------------------------------------------------------- For further information contact: SOURCE: PCI Security Standards Council |
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