Syniverse and Pinn will prepare financial institutions and others for impending regulations like PSD2 and GDPR
Syniverse and Pinn today announced that they are working together with Syniverse’s global platform and Pinn’s attribution solution to deliver the new level of transaction security and continuous attribution required by impending regulation like Payment Services Directive 2 (PSD2) and the General Data Protection Regulation (GDPR).
“Syniverse and Pinn will uniquely address the challenges of PSD2, GDPR and other regulations that increasingly push cybersecurity requirements, as financial institutions and businesses across every sector look to mitigate systemic risk,” said Tim Moss, Chief Operating Officer, Syniverse. “Pinn’s behavioral biometrics platform and Syniverse’s global, resilient and secure platform will provide the continuous attribution, which is a critical concept that is the new imperative for CIOs and cybersecurity leaders to ensure that the individuals and devices in an environment are who and what they are supposed to be.”
Unlike risks that threaten a single part of a business, systemic risks are those that could halt an entire business’s operation, causing a total failure of that business.
PSD2 is a payment services directive governing payments and payment processing in the European Union. The directive includes new API access requirements for businesses outside financial institutions and includes substantially increased security requirements for the exchange of financial information. Additionally, the European Union is further strengthening cybersecurity requirements via GDPR.
Behavioral biometrics use the recognition and analysis of an activity that users do frequently – like how they hold their smartphone, how they move their mouse, even how they drive their car – as a new layer of authentication. Pinn collects this data from a wide variety of locations to create a singular and seamless form of identification.
“The expansion of APIs under PSD2 is creating a whole new business landscape where any company can enter the payments realm. Consequently, these companies and their financial institution counterparts must be able to address mounting cybersecurity obligations of both PSD2 and GDPR that can only be addressed by continuous attribution,” said Will Summerlin, CEO and Co-founder, Pinn. “These regulations are only the beginning and will impact an expanding variety of business segments. With the extensive reach and connectivity of Syniverse’s platform, we’ll be able to bring Pinn’s continuous attribution via our behavioral biometric platform to this new generation of secure transactions.”