Leveraging COBIT5 in NFC-based payment technology: challenges and opportunities for security risk mitigation and audit

Near field communication (NFC) payment technology was expected to revolutionize businesses, yet presents major challenges relating to security and assurance in the Canadian payment ecosystem. This paper suggest some of the best practices in various frameworks for Risks and Assurance management in implementing NFC-based payment technology (NFC-BPT). The NFC-BPT risks and threats are analyzed in conjunction with justified risks data from Canadian NFC Mobile Payment Reference Model (Canadian NFC-MPRM). The output of the analyzed risk is mapped to COBIT5 (Control objective for Information and Related Technology) for Risk and COBIT5 for Assurance processes through which, a comprehensive assurance steps will be obtained on data security, fraud, theft and malware for payment credential issuers and acquirers.