SANTA CLARA, Calif., Jan. 25, 2021 /PRNewswire/ -- MagicCube, the leader in the new category of Software Defined Trust (SDT), announced today that it has been appointed to the Board of Advisors at the PCI Security Standards Council (PCI SSC), whose role helps to ensure the security of card payment systems and determines international standards. MagicCube's CTO and co-founder, Nancy Zayed, who previously held several technical leadership roles at Apple, Palm and Cisco Systems, will sit on the board. The Board of Advisors represents PCI SSC Participating Organizations worldwide to ensure global industry involvement in the development of PCI Security Standards and programs.
"The Board of Advisors provides industry expertise and perspectives that influence and shape the development of PCI Security Standards and programs," said Lance J. Johnson, PCI SSC Executive Director. "We look forward to working with MagicCube in our efforts to help organizations secure payment data globally."
MagicCube's appointment is the first of a startup to the Board, which includes the likes of Amazon™, JPMorganChase™, Citi™, and PayPal™, and the first of a Software-Defined Trust (SDT) platform designed for payments, which signals a progression for the digitization of payments hardware, including contactless and Tap and PIN, and the growing movement towards software-based security solutions to deploy secure payments.
"We rely on input from the Board of Advisors to develop data security standards and programs that help businesses globally detect, mitigate and prevent cyberattacks and breaches," said Troy Leach, PCI SSC SVP Engagement Officer. "We're pleased to have MagicCube on the PCI SSC Board of Advisors to provide critical insights and help us build on the great efforts that are already being done to increase payment security globally."
MagicCube is one of 31 board members to join the PCI Security Standards Council in its efforts to secure payment data globally. As strategic partners, board members bring industry, geographical and technical insight to PCI SSC plans and projects. Nancy's expertise in the payments security field, from her time at Apple, Palm and Cisco Systems, as well as an entrepreneur, will serve as a differentiating perspective to traditional payments solutions providers. Nancy's work to bring to market the first software TEE-based platform will help the Council in their development of new security standards.
"We're extremely proud to have been elected to join the PCI Security Standards Council's Board of Advisors to continue our work on advising in the development of the PCI Security Standards," said Nancy Zayed, CTO of MagicCube. "We are hoping to share and contribute our experience in providing innovative provable software security technologies designed to come to par with hardware-based security yet competes with it in terms of practicality and ease of adoption, therefore enriching solutions' availability and extending optionality and speeds of adoption. Our objective of working within the Council to create and advance the standards for adopting new security technologies delivers on the Council's mission of maintaining the same high level of security of large volume of transactions across the many forms and configurations of payment platforms."
The appointment follows a very busy year for MagicCube. In early December, the company announced that it has received a security compliance allowance from Visa, which came on the heels of Visa's investment in the company in August. This year also brought the launch of i-Accept, the world's first software-based replacement for traditional payment terminals, which has been endorsed by American Express, Discover, Mastercard and Visa.
The PCI SSC leads a global, cross-industry effort to increase payment security by providing flexible, industry-driven and effective data security standards and programs. The Council relies on the involvement of companies across the payments processing chain in its work to enhance payment data security and embrace new technologies – from merchants, service providers and payment device manufacturers to software developers, financial institutions and processors.
MagicCube is leading the Software Defined Trust (SDT) category with its software TEE-based platform. The technology enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. MagicCube was awarded the first recognition of a software-based Trusted Execution Environment (sTEE) issued by EMVCo, the global consortium which facilitates worldwide interoperability and acceptance of secure payment transactions, for its SDT platform.
MagicCube has been named to Network World's '10 Hot IoT Startups to Watch' list, listed as a Cool Vendor in Security and Risk Management by Gartner, and partners with the PCI Security Standards Council. Investors in MagicCube include Bold Capital, Epic Ventures, Sony Innovation Fund, Visa, NTT Data, Azure Capital, CVentures and Luqman Weise Capital. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.
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About the PCI Security Standards Council
The PCI Security Standards Council (PCI SSC) leads a global, cross-industry effort to increase payment security by providing industry-driven, flexible and effective data security standards and programs that help businesses detect, mitigate and prevent cyberattacks and breaches. Connect with the PCI SSC on LinkedIn. Join the conversation on Twitter @PCISSC. Subscribe to the PCI Perspectives Blog.
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