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PSD2 Compliance

Thales can help your organization keep sensitive data secure in the PSD2 environment.

The data security requirements of PSD2 are still evolving and are expected to call for a suite of industry best-practice solutions combining better security with high user satisfaction levels.

Thales solutions protect an estimated 80% of global payment transactions worldwide. Thales has a comprehensive set of solutions that can help organizations prepare for and comply with PSD2 across all areas where data needs to be protected -- at rest, in motion and in use, including:

  • Securing all emerging and existing financial transactions, from mobile payments to blockchain
  • Reducing audit scope by protecting personal data with tokenization
  • Ensuring transaction security with the most widely used payment HSMs in the market
  • Automating data protection with centralized policy-based security enforcement
  • Regulation
  • Compliance

EU's Payment Services Directive

According to the European Commission1:

The [current] Payment Services Directive (PSD) was adopted in 2007. This legislation provides the legal foundation for an EU single market for payments, to establish safer and more innovative payment services across the EU. The objective is to make cross-border payments as easy, efficient and secure as 'national' payments within a Member State.

PSD2

Also, according to the European Commission2:

The Commission proposed to review the PSD to modernise it to take account of new types of payment services, such as payment initiation services ....

....

[PSD2's] main objectives are to:

  • Contribute to a more integrated and efficient European payments market
  • Improve the level playing field for payment service providers (including new players)
  • Make payments safer and more secure
  • Protect consumers
  • Encourage lower prices for payments

....

To make electronic payments safer and more secure, PSD2 introduces enhanced security measures to be implemented by all payment service providers, including banks. The EBA will develop specific and objective security standards to that end.

PSD2 Security directives and regulations are written at a high level and the detailed implementation is being left to the industry. However, data security regulations related to PSD2 will almost certainly be subject to the same stringency as the General Data Protection Regulation (GDPR).

The inherent data-security challenge industry observers see in PSD2 is strengthening security to reduce fraud while not causing too much disruption to the end user experience.

Thales has a comprehensive set of solutions that can help organizations comply with PSD2 across all areas where data needs to be protected -- at rest, in motion and in use.

1 https://ec.europa.eu/commission/presscorner/detail/en/MEMO_15_5793
2 Ibid

An integrated compliance solution

Drawing on decades of experience helping banks and financial institutions comply with industry mandates, Thales offers integrated products and services that enable your organization to protect stored cardholder data, encrypt it for transfer, and restrict access on a need-to-know basis. In addition, Thales works closely with partners to offer comprehensive solutions that can reduce the scope of your compliance burden.

Addressing the data-security every step of the way

Thales offers comprehensive data protection solutions that help organizations protect financial and personal information every step of the way:

  • Protect transaction and personal data at rest: Thales’ CipherTrust Manager and Luna Hardware Security Modules (HSMs) enable organizations to centrally manage encryption keys and deliver a variety of encryption, tokenization and data masking solutions to protect transaction and personal data in files, folders, applications, and databases in both traditional and cloud or virtualized environments.
  • Encrypt financial transactions and personal data in motion: Thales High Speed Encryptors (HSE) encrypt all data that traverses open networks (e.g. between point-of-sale devices and systems that process cardholder data).
  • Develop and maintain secure systems and applications: Thales Luna HSMs enable organizations to securely store signing material in a trusted hardware device, thus ensuring the authenticity and integrity of any application code files.
  • Implement strong access control measures: Thales CipherTrust products can be setup for unique, multifactor administrative access to enterprise systems on-premises and in the cloud. In addition, SafeNet Trusted Access enables you to centrally manage unique user identities, risk-based authentication policies, and add/revoke access to systems across hybrid IT.
  • Track and monitor all access to sensitive data: All products in the Thales CipherTrust data protection portfolio produce audit records that log any encryption key lifecycle operations (creation/deletion/rotation/revocation) and other administrative functions that can be used to reconstruct events.

Secure your digital assets, comply with regulatory and industry standards, and protect your organization’s reputation. Learn how Thales can help.

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Other key data protection and security regulations

GDPR

Regulation
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Perhaps the most comprehensive data privacy standard to date, GDPR affects any organization that processes the personal data of EU citizens - regardless of where the organization is headquartered.

PCI DSS

Mandate
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Any organization that plays a role in processing credit and debit card payments must comply with the strict PCI DSS compliance requirements for the processing, storage and transmission of account data.

Data Breach Notification Laws

Regulation
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Data breach notification requirements following loss of personal information have been enacted by nations around the globe. They vary by jurisdiction but almost universally include a “safe harbor” clause.