SA banks, retailers prepare for global security standards

Friday, 8 August 2003, 8:28 AM EST

SA banks and retailers have stepped up their efforts to meet the mandated Visa and MasterCard deadline for the security of their PIN-handling systems to comply with the global Triple DES (T-DES) algorithm standard.

In fact, JSE-listed secure electronic payments company, Prism Holdings, has supplied over R4 million worth of secure application modules (SAMs) to the financial and retail industries over the past eight months.

These SAMs - chipcards that can be programmed with a security application - are being used to upgrade the security levels of older POS devices, saving banks and retailers the expense of having to replace them.

According to Gerhard Claassen, Managing Director of Prism's Crypto Business Unit, Visa and MasterCard have stated that by 2004, all new PIN-handling systems - such as POS devices - must be T-DES compliant while existing devices have to be upgraded.

[ Read more ]




Spotlight

Operation Pawn Storm: Varied targets and attack vectors, next-level spear-phishing tactics

Posted on 23 October 2014.  |  Targets of the spear phishing emails included staff at the Ministry of Defense in France, in the Vatican Embassy in Iraq, military officials from a number of countries, and more.


Weekly newsletter

Reading our newsletter every Monday will keep you up-to-date with security news.
  



Daily digest

Receive a daily digest of the latest security news.
  

DON'T
MISS

Fri, Oct 24th
    COPYRIGHT 1998-2014 BY HELP NET SECURITY.   // READ OUR PRIVACY POLICY // ABOUT US // ADVERTISE //