The digital payments industry now processes more than $4 billion worth of transactions each year in credit cards, e-transfers, online payments and gift cards. Cyber criminals are taking notice. Fraud is on the rise as attackers look for ways to infiltrate corporate networks and steal consumer payment data.
From effective security service for credit cards to critical oversight of digital-only transactions, payment industry organizations need security tools and solutions that help them meet existing challenges and stay ahead of emerging threats.
Consumers now expect ease-of-use and security across all payment types. In response, payment industry organizations must be prepared to support transactions on demand by striking a balance between simplicity of action and security of payment data.
For example, it’s critical for organizations to leverage the SSL protocol to encrypt all payment information flowing to and from payment portals. In addition, companies must now consider adopting two-factor authentication — using tools such as fingerprints or SMS codes — to improve security without impacting transaction speed.
What’s Next for Payment Data Security?
Payment security isn’t static. Attackers are constantly looking for new ways to bypass security measures or compromise payment sessions. At HALOCK Security Labs, we’re committed to helping businesses prepare for the next iteration of payment data security with services such as:
- Payment compliance — Meeting compliance requirements such as the Payment Card Industry Data Security Standards (PCI DSS) is critical to ensuring that transactions are properly handled, encrypted and completed. We can help your organization meet this continually evolving credit card security compliance standard.
- Security engineering — Solutions such as tokenization — which replaces credit card numbers with random strings of characters to prevent theft or compromise — boost consumer confidence and improve payment data security. Our security engineering experts help you select and implement reasonable, best-fit payment protection solutions.
- Payment system penetration testing — Is your payment processing system secure? Our pen testing teams have the depth of expertise and breadth of experience to find potential weaknesses and uncover vulnerabilities before hackers have the chance.
- Incident response and forensics — Attacks happen. When they do, you need to know exactly what’s been compromised, when it happened and how you’re going to remediate the issue. We’ve developed best-of-breed procedures to help payment industry organizations quickly identify and respond to security incidents. With our advanced forensics on your side, you’ll also gain the upper hand in preventing further attacks.
- Third Party Risk Management/Vendor Risk Management – Ensure third-party partners are aligned with your organization’s risk controls. Vendors and contractors serve as an extension of your group. They represent you and should operate under your business requirements. HALOCK can help build and manage a reasonable security program for your environment.
- Risk Assessments – Regulations require your safeguards be reasonable to your organization, customers, and partners. With many frameworks available, how do you establish your acceptable risk? The Duty of Care Risk Assessment (DoCRA) helps you define a reasonable security strategy factoring in compliance and safeguards based on your specific business, objectives, and social responsibility.
- Privacy – CCPA is the most sweeping legislation to date in the U.S. that concerns the protection of personal information. It broadens the definition of what constitutes personal information and gives California citizens greater control over what companies can do with their personal data. This includes the right to exempt their own personal information from being shared or purchased on the open market. Understand the impact this change and other states’ requirements have on your organization.
Your Full-Service Partner
It’s our mission to provide that rare combination of expert security analysis and effective infosec execution. At HALOCK Security Labs, we recognize the unique challenges faced by payment industry organizations — that companies need both data-driven security strategies and purpose driven products capable of defending payment networks against emerging threats.
That’s why we take a reasonable and appropriate approach to risk management, one that helps your organization meet the high standards of due diligence required by PCI DSS and other compliance regulations. But we also understand the need to strike a balance between these regulations and critical business goals. Simply put, security should protect and support your organization’s mission, objectives, and obligations, and empower your outcomes.
Improve payment data security and drive better business outcomes with HALOCK Security Labs. Let’s talk.