PayThink: Trusted ‘co-sourcing’ can help issuers manage complex e-security rules

PaymentsSource

New data and web security regulations in New York may be tough for issuers to follow, but there’s space in the rules to get help from outside parties.

The law, 23 NYCRR 500, which took effect on March 1, 2017, is in response to the increasing cybersecurity threats posed to customer information.

Recognizing that many firms may not have the necessary skills in-house, the regulations allow for many of these functions to be co-sourced to specialist firms. Indeed, the pervasive skill shortage of IT security talent makes the co-sourcing route an attractive option. Per the Harvey Nash/KPMG CIO Survey 2015, nearly sixty percent of CIOs believe skills shortages will prevent their company from keeping up with the changing pace.

Read more from EventTracker’s A.N. Ananth in this article published in PaymentsSource, here.