Payment processors must be prepared for increasingly sophisticated cyberattacks.

Most businesses now need to worry about cyberthreats as much as they do about industry competitors. That hasn’t always been the case, but it has become the norm in just the past few years as the global cyberattack landscape has shifted significantly.

The days of card fraud and identity theft seem almost quaint (although there certainly wasn’t anything even remotely quaint if you happened to be the victim). But it turns out that targeting individual people isn’t a great way to make a lot of money.

As cybercriminals have become more sophisticated and learned how to monetize cybersecurity tools that were previously available only to nation-states, they’ve set their targets on businesses. And ransomware is the method of choice right now.

The stolen credentials gained through a phishing email can lead to a much larger payoff. For businesses, the stakes are also higher, because there’s a domino effect of negative impacts from an attack: stolen customer data, brand reputation damage, and even the stoppage of business operations (like the Colonial Pipeline incident).

I recently joined PaymentsJournal on their podcast to discuss the changing cybersecurity landscape and what this means for any business that processes payment transactions. During the podcast, we covered why the cybersecurity landscape has changed and what you can do to better protect your business.

You can listen to the podcast here.

5 steps to strengthen security

Beyond what we covered on the podcast, here are five additional steps you can take to boost your cybersecurity profile:

  1. Check for security vulnerabilities or coverage gaps—either internally or with a third-party vulnerability scan or penetration test. But you can’t just look at the results…you must take action and you must get executive buy-in to be successful.
  2. Based on what you discover, adjust your cybersecurity strategy. If you have a single IT staff member trying to cover all your IT security needs (or someone doing that only part-time), consider supplementing that with a reputable security vendor.
  3. If you do bring in a third party to help with cybersecurity, you’ll need to determine how much to leverage that third party.
  4. Educate employees and make them part of the solution. A sophisticated AI-driven cyberattack versus an untrained employee isn’t a fair fight. Security awareness training is critical.
  5. Make sure you have a clear reporting process for employees who see anything unusual from a cybersecurity perspective—fast response is critical to stopping an attack.

These are the types of issues our team of PDI cybersecurity experts deal with on a daily basis. We’d be happy to help you develop your own cybersecurity strategy that can grow as fast as your business.

To learn more about protecting your business from ransomware and other cyberthreats, contact us.