The Digital & Payment Summit is an annual event that highlights the global digital economic situation in the world. It was held on June 14th at LUISS Guido Carli University in Rome, Italy. This year’s edition had nine sessions and 75 speakers. Each session was dedicated to a specific aspect of the disruption that digitisation has brought about in the payment industry. 24 Solutions were present at the event, where our Senior Security Specialist and Lead QSA, Cristiano Iarusci, discussed the topic ‘’How technology is changing consumers’ habits…but what about the rules?” Below is an excerpt from his talk:
“The massive change introduced by digitisation is undoubtedly creating opportunities of extraordinary relevance for all stakeholders in the payment industry. Such a change doesn’t, however, come for free, and it imposes challenges of exceptional severity, especially when it comes to security. As true as famous 20th century criminals like Willie Sutton used to rob banks since “that’s where the money is”, the same motivation in the current digital era makes businesses of any kind the new natural targets of modern cyber-criminals. Therefore, it is imperative that appropriate technologies, procedures and security standards – such as PCI DSS – be effectively and consciously enforced to thwart fraud attempts and, at the same time, protect consumers by increasing their confidence level while sharing sensitive info to online services. Without security, there can be no actual disruption in the Industry.”
The summit, organised by the AIIP (Italian Association of Financial Institutions) under the patronage of the EU – is by far one of the most important events in Italy having focus on the global digital economy scenario. This year’s event attracted over 700 stakeholders from the industry, including, journalists, start-ups, CEO’s, politicians and banks.
A key takeaway from the summit is that it highlighted how synergic endeavours among key actors and authorities – ie. politics, banking sector and businesses (but Universities too!) – are crucial to create a well-founded global payment system as the only credible infrastructure that will support all new forms of businesses which originate from the transformation of the economy in the digital era.