The pandemic has accelerated the adoption of digital payment systems. The first consequence has been that corporate e-commerce has begun to store thousands or perhaps millions of credit cards and sensitive information: a wealth of information that is tempting for criminal hackers. Here’s how to get it safe. Countries worldwide are gradually moving towards contactless economies where digital payments and e-commerce dominate.
The emerging preference for online shopping and the innovative digital payment world is driving organizations to create e-commerce or adopt new contactless infrastructures. The pandemic has accelerated the adoption of these systems by both users and organizations. The boom in e-commerce has revolutionized how people buy and sell, helping the resulting digital payments to grow. Already in 2020, the trend was clear, but in the year just ended, these exponential growths have encouraged organizations to trust e-commerce even more and to try digital payment systems.
Digital Payments: The Consequences Of Data Theft
For these latter companies, thousands or millions of credit cards and sensitive information are stored in their e-commerce system. Hackers see these data reserves as natural treasures to be exploited. The theft and use of user data can have catastrophic effects and unexpected consequences. Organizations that rely on e-commerce and digital payments today should overhaul their cybersecurity infrastructure to preserve reputation, avoid regulatory sanctions, maintain consumer trust, and prevent lawsuits.
Digital Payments: How To Prevent Cyber Risks
Best practices can help organizations prevent cyber risks and meet new user expectations. Let’s analyze them in detail.
PCI DSS Compliance
First of all, to ensure the security of your e-commerce and digital payments, it is essential to make sure you follow the guidelines of the Payment Card Industry Data Security Standard (PCI DSS), the international standard for data protection that involves all those entities that take care of storing, processing or transmitting cardholder data and sensitive authentication data. The guidelines help protect your system using firewalls, passwords, antivirus, zero trust principles, ethical hacking ratings, and more.
Network And Gateway Protections
An integrated defense and prevention suite can help prevent identity theft, cyber scams, and security breaches. The best solution should include real-time threat intelligence to act promptly.
Security Management Tool
Investing in an infrastructure that can offer policy-based security and strong authentication is also essential for an organization with e-commerce. This can help reduce management complexity by eliminating redundant processes and minimizing the logins and servers required.
Organizations should protect point-of-sale devices with a trusted virtual private network (VPN). The ideal would be to have a compact, non-intrusive security appliance managed separately from the point of sale system, allowing you to support WAN options and provide reliable connections.
Point-To-Point Encryption (P2PE)
Point-of-sale cybersecurity solutions can help ensure that payment data remains secure from the customer’s device to the processing system. Many companies rely on transmission-level encryption, which is insufficient when dealing with comprehensive risk mitigation techniques.
Multi-Factor Authentication (MFA)
Using multi-factor authentication for online shopping and digital payments is essential. Major players in the industry, such as Apple and Samsung, use different types of authentication to verify that payment is from a trustworthy and legitimate source.
One of the most disruptive consequences of blockchain technology is the process by which elements can be evaluated and exchanged based on their supply and demand. In this case, the process consists of converting credit card numbers into random strings of letters and numbers. When consumer data is tokenized, a hacker will not be able to use it.
Visa 3-D Secure
Organizations should consider adopting Visa’s 3-D Secure technologies, which can use contextual data to determine potential fraud cases. This five-step data analysis process provides businesses with critical information that allows them to report suspicious transactions.
Finally, the best choice is to adopt security software that can offer real-time information about what is happening within the system. This solution guarantees continuous updates that let you know if the system complies with the mandatory regulations.