MagicCube Partners with PCI Security Standards Council to Improve Payment Data Security Worldwide
October 17, 2017 By: Payment Week
Santa Clara, CA – October 17, 2017 – MagicCube, the creator of the world’s only Software Trusted Execution Environment platform (sTEE™), today announced it has joined the PCI Security Standards Council. As a Participating Organization, MagicCube will contribute to the standards development process and work with a community of more than 800 organizations to improve payment security worldwide through the ongoing development of the PCI Data Security Standard (PCI DSS), which provides an actionable framework for developing a robust payment card data security process and preventing, detecting and mitigating criminal attacks and breaches.
The PCI Security Standards Council leads a global, cross-industry effort to increase payment security by providing flexible, industry-driven and effective data security standards and programs. To enhance payment data security while also embracing new technologies, the Council relies on involvement of those across the payments processing chain, from merchants and service providers to payment device manufacturers and software developers, financial institutions and processors.
“It is extremely important for us to join the Council and work with their representatives on upcoming versions of the PCI Security Standards, especially the software-based PIN entry on mPOS requirements which we believe will be pivotal for our industry,” said MagicCube CEO and Co-Founder Sam Shawki. “MagicCube is focused on solving the challenge of securing IoT devices, a category that includes mobile devices, POS systems, and autonomous cars. In particular, securing the man-machine interface to allow for secure screen input is where our unique approach of providing hardware-grade security via software is already starting to disrupt the dominance of chip-based solutions. We look forward to sharing our industry experience with the Council to further advance the safety and volume of transactions.”
“In an era of increasingly sophisticated attacks on systems, PCI Security Standards and resources help organizations secure payment data and prevent, detect and mitigate attacks that can lead to costly data breaches,” said Mauro Lance, Chief Operating Officer of the PCI Security Standards Council. “By joining as a Participating Organization, MagicCube demonstrates they are playing an active part in improving payment security globally by helping drive awareness and adoption of PCI Security Standards.”
Last month, MagicCube introduced MC-Screen Shield™, a product that transforms regular consumer mobile devices into full-featured point-of-sale systems capable of securely accepting sensitive data, such as payment card PINs, onto a touchscreen.
MagicCube is sponsoring and exhibiting at Money20/20 in Las Vegas, where they are showcasing how the new MC-Shield product line works to secure tokenization, POS & PIN-on-Glass and autonomous cars. Visit them at booth #509.
About the PCI Security Standards Council
The PCI Security Standards Council is a global forum that is responsible for the development, management, education, and awareness of the PCI Data Security Standard (PCI DSS) and other standards that increase payment data security. Connect with the PCI Council on LinkedIn. Join the conversation on Twitter @PCISSC. Subscribe to the PCI Perspectives Blog.
MagicCube is the creator of the world’s only Software Trusted Execution Environment (sTEE™) platform, a technology that enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. The MagicCube sTEE platform provides a secure in-app container that protects sensitive data, sensitive logic, and cryptographic operations on the device while offering unprecedented ease of large-scale deployment and remote management capabilities. MagicCube is completely hardware-independent, runs on any smart device and is not limited to enterprise deployments. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.