Payments standards body EMVCo has extended its security evaluation methodologies and processes to include support for IoT products and solutions, “enabling emerging solutions and devices to be evaluated quickly and efficiently”.
“Device hardware evaluations are playing an increasingly important role in IoT assessments across various IoT payment use cases, security frameworks and emerging compliance models,” EMVCo says.
“EMVCo, in collaboration with globally recognised independent laboratories, has worked since 2005 to evaluate the security of various EMV hardware form factors and acts as a security certification entity.
“This function is now extended to IoT products and solutions. In addition to hardware product certification, EMVCo also delivers software security assessments of various interfaces and payment security functional requirements of IoT products.”
“The IoT is creating new ways to pay, with payment functionality enabled across various industries globally,” explains Bruce Rutherford, chair of EMVCo’s executive committee.
“This innovation needs to be balanced with functionality, usability and security.
“By optimising existing processes to support new IoT payment use cases, EMVCo brings efficiencies and confidence to the IoT payment ecosystem, and an established framework of payment expertise.”