Visa And Intel Promise Increased Payment Security

As the world continues to get increasingly digitized, there is a huge growth in the type, complexity and size of commerce that can be done online. The pace at which digital transformation is taking place has taken many by surprise and more and more technology companies are coming up with platforms and solutions to keep pace with it. This digital transformation has also brought with a huge threat and that is in the form of cyber security risks. This was more than evident in the past few weeks when the internet was severely impacted by mirai bots. This malware took advantage of default passwords on simple IoT devices and used them as a means to attack high value targets. As a result several online websites were affected.

IoT attacks expected to continue
Analysts have predicted that similar attacks will continue and will be the highlight of 2017 as well. The coming year is expected to see an increased thrust on security especially when it comes to connected devices. This will require a high level of coordination between providers of such devices, cloud providers as well as IoT platform providers. Till they come together we can only wait and watch what hackers will do next. In essence it will actually lead to a more secure internet as more effective security measures will need to be designed and put in place.

Payment security
Connected devices are also expected to greatly increase the platforms we use for online shopping and payments. As more and more world class payment solutions are being designed, there are also new means to ensure security of data as well as online financial transactions.

Intel and Visa partnership
Recently Intel and Visa announced a collaboration that is aimed at providing safe and secure payment solutions keeping in mind the increasing digital transformations that are taking place. Visa has a proprietary encryption technology that will be integrated with Intel’s Data protection technology to increase payment security and safeguard financial transactions. The security solutions will be integrated into Intel’s chipsets thus providing an inbuilt security mechanism for device manufacturers. The data will be encrypted and transmitted in a format that will make it difficult for hackers to intercept. Most common payment use cases will be implemented in this way.

Device authentication
The increase in cyber thefts has also led to a growing need to improve device authentication. Merchants will be able to identify suspicious transactions if they have better authentication techniques on payment devices. Here again hardware level secure device codes can be used to increase payment security. This is another area where Intel and Visa plan to collaborate to make the online shopping experience safe through security measures built into the hardware itself.

These ideas are in line with the innovation that is needed to ensure cyber security and the Visa and Intel announcement has generated considerable interest amongst online security specialists. As the partnership takes shapes we can only expect that the benefits will begin to roll out soon making the internet a safer place for online shoppers.

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