MasterCard Global Risk Management Conference

I attended the recent MasterCard Global Risk Management Conference in Miami a couple of weeks ago. I will be entering some posts based on some of the things that were covered by the speakers.

The opening speaker was Wendy Murdock, the Chief Franchise Officer for MasterCard. Some of her interesting and main points:

• 93% of the breached records from 2008 were from financial services firms
• MasterCard processes 21B transactions a year from 24M acceptance points.
• They estimate that cardholder data is stored in over 200,000 locations globally (Wow - lots of places to protect and lots of places for criminals to try to find an open window.)
• She stated that if the industry can not solve the problem, it will force the government to put in place "burdensome regulations."
• Financial institutions need "proper incentives" to insure compliance. (She did not share her thoughts on what they need to be.)
• MasterCard needs better channels for sharing fraud information. (How about the SPVA and the PPISC?)
• The industry must use all tools, whether PCI or targeted encryption solutions to solve the problem. (How about end to end encryption!)