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Payment Services Cybersecurity

In recent years payment services have grown into a major financial industry, but as you might imagine, since they are dependent on Internet-based and other electronic delivery methods for transactions, there are major concerns with protecting customer data. Payment services cybersecurity is — without a doubt — the most important aspect of the industry.

The Threatcare Suite enables organizations to simulate cybersecurity threats to their systems, validating if proper protection is in place. Through proactive cyber defense, Threatcare leaves no room for doubt if a company’s data is secure by using¬†cloud-based threat simulation.

Cybersecurity has historically been a huge compliance issue for global payment services. Technology advances in payment services and the implementation of online and mobile payments, electronic storage and worldwide communications systems may have increased payment services efficiency, but they have also greatly increased the risk of cybersecurity breaches.

In 2014, a Cost of Data Breach Study by the Ponemon Institute covering Australia and other nations found that the financial services sector, in addition to the retail industry, were more likely to suffer from data breaches than other economic sectors.

In May 2017, the restaurant chain Chipotle Mexican Grill was the latest retailer at that time to report that its payment card systems had been hacked, which then exposed customers to additional cyber-crime risks. The system was exploited by PoS (point-of-sale) malware between March 24 and April 18 of that year.

Such point-of-sale breaches have occurred with alarming frequency since at least December 2013, when the large retailer Target first revealed that its systems had been breached. And while that breach of a major retailer should have set off alarm bells throughout the PoS industry, additional big-name retailers would subsequently fall victim to similar hack attacks including Home Depot, a breach that was revealed in September 2014.

Retailers and others who accept credit/debit card payments are required to be compliant with the Payment Card Industry Data Security Standard (PCI-DSS), but despite the compliance, breachers are nevertheless reported regularly.

Why? Because not all PoS firms really understand point-of-sale malware attacks or take the necessary steps to dramatically reduce their risks.