Public cloud vendors have experienced explosive growth over the last few years.
Banks and Financial Institutions are beginning to migrate their infrastructure to the cloud and by doing so are reaping a diverse range of benefits including scalability, elasticity and cost efficiencies. Yet despite the adoption and deployment of cloud solutions, one capability to date which cannot be provided in the cloud is the Payment HSM. A necessary, expensive and complex piece of hardware required for securing payment credential issuing and PINs during electronic transactions.
Adhering to PCI compliance, in particular PCI PIN requirements, involves dual controls and key ceremonies that introduce various complexities. To address these requires specific expertise, making it extremely difficult for cloud service providers to offer Payment HSMs in the cloud. In addition, strict, on-going auditing procedures are required for operating Payment HSMs which public cloud providers are not able to fulfil. This poses the question, what are the alternative options to operating and managing Payment HSMs on-premise?
During the latest instalment of our webinar, Eyal Worthalter, VP Platform Solutions & Growth at Utimaco, moderated a 360 degree view on the ‘Path for Cloudifying Payment HSMs’. Joining the discussion was Zil Bareisis from Celent, a research and advisory firm focused on technology for Financial Institutions globally that provided an independent review on the Payment HSMs industry, highlighting some key data on the changing attitudes of banks towards the cloud.
Furthermore, John Cragg CEO of MYHSM, the first global provider of Payment HSMs as a Service, delivered an overview of the challenges facing Payment HSM users and introduced the MYHSM fully managed service offering.
To complete the discussion, John Cavebring CEO and CTO of HIPS Payments Group, shared his first-hand experience of using the MYHSM by Utimaco Payment HSMs as a service.
To dive into this topic and learn more about Payment HSMs as a service, download our webinar recording below.
Blog post by Dr. Ulrich Scholten
About the author
Ulrich Scholten is an internationally active entrepreneur and scientist. He holds a PhD in information technology and owns several patents on cloud-based sensors. His research on cloud computing is regularly published in highly rated journals and conference papers. From 2008 - 2015, he was associated research scientist at the Karlsruhe Service Research Institute (KSRI), a partnership by KIT and IBM, where he researched network effects around web-platforms together with SAP Research.