Stephen Orfei of the PCI security standards council (founding brands include AmEx, Mastercard, and Visa) speaks on the importance of cooperation when fighting payments-related crime. Orfei highlights the need to further commit to merchant education and the fact that basic requirements are still not met. The word "password" still remains one of the most popular passwords. Collaboration, Orfei argues, is the key first step.
A number of executives from the payments industry will join President Obama and Cabinet officials at the event. It's rare that such heightened attention is spent cybersecurity — an issue that is critical to our nation's future. It's not news to us that cybercriminals are tireless in their pursuit to hack and attack our personal information for their financial gain. We should view this as an opportunity to come together as a community across industry lines to share information to better protect merchants that are getting hammered by hackers on a daily basis. What's at stake is apparent. Cybercrime cost the U.S. economy $100 billion per year while the average data breach now cost organizations $3.5 million.