The ever evolving digital technology brought many new opportunities and efficiencies into the payment industry, but it has also brought a lot of risk. Our businesses, as well as our private lives, increasingly depend on online services, and this makes us more and more exposed to theft, fraud, malicious disruption, computer viruses, and other incidents that affect our lives in ways that range from inconvenient to life-threatening. When it comes to personal finances, customers are either unaware of all possible threats or simply refrain from shopping online, while security issues also affect retailers and their business decisions to deploy mobile payment and mobile wallet offerings.
Despite best efforts, the financial services cannot protect themselves 100 percent, as absolute security does not exist. It is not a matter of "if" but a matter of "when" and "how" the breaches will occur. Sophisticated individuals, groups and even states exploit vulnerabilities to steal information and money, and are developing capabilities to disrupt, destroy, or threaten the delivery of essential services. Not surprisingly, cybersecurity is becoming a critical issue not just for corporations, but for governments, military, hospitals, i.e. for any business that collects, processes, transmits and stores (confidential) information.
Cybersecurity has become everyone's responsibility. Our ignorance, indifference and failure to recognize and adequately respond to a threat become a weapon in the hands of malicious persons. Today, any serious cybersecurity strategy should start with the recognition that at some point every organization will be attacked. Knowing this and understanding which information assets represent the "crown jewelry" to organization is a good starting point from which a proper cybersecurity strategy can be built. The only way to fight cyber-threats is to keep our eyes open, stay informed and embrace security culture, and get rid of bad security habits.
Although it may seem that cybersecurity is nothing but a fancier and a little bit more dramatic term for good old IT security, it in fact matches the evolving trends in cybercrime and reflects the seriousness of the underlying menace. Similarly to cybersecurity, cyber threat intelligence is an emerging and very promising new field. The idea behind cyber threat intelligence is to provide the ability to recognize and act upon indicators of attack and compromise scenarios in a timely manner. Its primary purpose is helping organizations understand the risks of the most common and severe external threats, such as zero-day threats, advanced persistent threats (APTs) and exploits. Cyber threat intelligence, as a result of mining all internal data and incorporating data from outside sources, has imposed itself as a natural evolution.
Sources: 2016 Trustwave Global Security Report, Symantec
Compliance Director at Mercury Processing Services International
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What we do to provide security?
Security is an essential element with any payment option and Mercury Processing Services International has put significant effort into the development of solutions and products that provide safe and secure payment options and reduce the risk of data breach and fraudulent activity, while providing a strong competitive advantage in the payments market. From tokenization and cybersecurity to implementing security measures to virtual payment cards, the security methods Mercury Processing Services International uses and develops significantly reduce risk of data breach and fraudulent activity.