Thwarting digital danger
Cybersecurity, compliance, and risk management
It’s a free-for-all for fraudsters as they’re extending the reach of their attack networks by aiming for corporations that house reams of sensitive data. Banks and hospitals have been hit hard in the last few years, with cyberattacks hitting the financial service industry 300 times more than businesses in other industries.
It’s a staggering stat that showcases the root of the attackers’ intentions: they’re squarely aiming to exploit sensitive data. As a merchant, you’re privy to much of that same data – putting a target on your business.
In an ideal world, the consumer shouldn’t need to worry about data like their credit card information falling into the wrong hands – and the onus is on merchants to be suitably protected or face hefty pushback and economic loss.
Cybercrime is only set to continue as criminals sharpen their arsenal with smarter AI-backed tools.
However, the cybersecurity industries aim to close the gap: multi-factor authentication will become the norm; businesses are turning to AI to hamper fraud and scam attempts; and payment solutions are increasingly including compliance and risk management as part of their offerings.
The future is digital and in a post-GDPR world, merchants like you are going to have to be savvier than ever when it comes to storing, processing, managing, and protecting consumer data.
Laughing all the way to the bank
t’s a free-for-all for fraudsters as they’re extending the reach of their attack networks by aiming for corporations that house reams of sensitive data. Banks and hospitals have been hit hard in the last few years, with cyberattacks hitting the financial service industry 300 times more than businesses in other industries.
It’s a staggering stat that showcases the root of the attackers’ intentions: they’re squarely aiming to exploit sensitive data. As a merchant, you’re privy to much of that same data – putting a target on your business.
In an ideal world, the consumer shouldn’t need to worry about data like their credit card information falling into the wrong hands – and the onus is on merchants to be suitably protected or face hefty pushback and economic loss.
Cybercrime is only set to continue as criminals sharpen their arsenal with smarter AI-backed tools.
However, the cybersecurity industries aim to close the gap: multi-factor authentication will become the norm; businesses are turning to AI to hamper fraud and scam attempts; and payment solutions are increasingly including compliance and risk management as part of their offerings.
The future is digital and in a post-GDPR world, merchants like you are going to have to be savvier than ever when it comes to storing, processing, managing, and protecting consumer data.
From GDPR to PCI: acronyms unscrambled
- GDPR – a legislation that applies to how companies collect, store, process, and use data belonging to EU citizens. Failure to comply with GDPR can lead to fines of up to €10 million or 4% of annual global turnover.
- PSD2 – an EU directive that allows bank customers (both consumers and businesses) to use third-party providers to manage your finances, i.e. banks will have to provide safe, legitimate third-party providers access to customers’ accounts through open APIs.
- PCI DSS compliance: A security standard that applies to entities (businesses) that store, process and/or transmit cardholder data. As a merchant, you must comply with the PCI DSS.
- PCI P2PE compliance: A point-to-point encryption (P2PE) solution provided by a third-party that encrypts data from the point of interaction (for example, a customer using their card).
While it can be confusing for merchants, this is a trend that you simply cannot ignore in 2019. It’s vital that your business is compliant and protected – and your payment solution provider should be your partner in ensuring you’re compliant. CCV’s solution, for example, is PCI DSS complaint so its customers don’t need to worry about security.