Rely On Cybersecurity Expertise, Not Luck
"Wherever you go and whatever you do, may the luck of the Irish be there with you."
Each year on March 17, the world turns a little greener as we celebrate St. Patrick’s Day. And while four-leaf clovers may bring luck to all of those who possess them, a field of four-leaf clovers is no defense from today’s cybersecurity risks. Because when it comes to protecting your green, there’s no substitute for expertise.
Combatting the ever present and expanding security landscape relies on many factors. In this article, learn about a few of the top cybersecurity trends organizations must focus on and discover why it is essential to partner with a billing and payment solution provider that offers the highest level of protection.
Cybersecurity Facts
Cybercrime throughout the world continues to be an ongoing problem. Recent research shows that there are 97 cybercrime victims per hour, which averages a victim every 37 seconds*. This type of crime can be anything from hacking into a personal account to stealing personal information through phishing scams.
Additionally, data leakage continues to be a challenge for organizations large and small. In 2022, it is estimated that two internet users had their data leaked every second . By the time you finish reading this article, it is likely that hundreds of people will have had their data leaked and made available to anyone willing to pay for it.
Types of Cybercrime
Now that we understand the stakes, it’s important to understand a few of the top threats your organization and its customers are likely to face:
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Social Engineering – Phishing is a popular example, where customers or employees will receive an email or text message that looks official but contains malicious links or attachments. Readers are tricked into clicking these links, which can allow access to cybercriminals.
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Data Management – Billing and payment creates volumes of data, all of which must be protected. Improper staff access, unguarded data processing systems and old data stored improperly can wreak havoc for unsuspecting billers.
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Third-Party Exposure – There’s a reason Paymentus touts its single-vendor advantage: the more parties involved, the more risk of gaps and misaligned configurations. A 2021 report showed that 51% of businesses have suffered a data breach caused by a third party.
Billing & Payment Cybersecurity Trends
The following 11 fintech cybersecurity trends have been identified as the top trends impacting our cyberworld. While not all apply to billing and payments, there are several that bare outsized attention.
Security in the Cloud
The normalization of the cloud within our world has naturally made it a target for cybercriminals.
As a leading provider of cloud-based bill payment technology and solutions for more than 1,900 billers, Paymentus maintains an information security program that is designed to protect Paymentus resources from internal and external security threats, loss and unauthorized disclosure.
This relies on a comprehensive information security team composed of a Chief Information Security Officer supported by the following departments:
- Security Architecture & Engineering
- Governance, Risk & Compliance
- Security Operations
- Identity & Access Management
Attacks On Mobile Devices
Mobile payments continue to increase, thanks in large part to intuitive apps and capabilities such as pay-by-text, digital wallets and eBilling. Increased usage leads to increased attention from cybercriminals, so billers must be sure that their billing and payment provider offers mobile capabilities as a standard part of its billing and payment platform – and not through contracting with third-party vendors.
A key piece of the mobile puzzle that shouldn’t be lost is that many mobile attacks target employees. Remote work has made this a more attractive target, which is why cybercriminals have taken advantage of unsuspecting employees and organizations lacking in proper mobile device management.
Scarcity of Resources
One of the most important aspects related to security is that it really is everyone’s job. That said, many organizations simply lack the resources needed to safeguard their platform, employees and customers in today’s environment.
For this reason, Paymentus delivers comprehensive security based on the National Institute of Standards and Technology Cybersecurity Framework. The policies in place address the key areas mentioned herein including but not limited to identity and access management, data protection, endpoint security, network security, risk and vendor management, vulnerability management, security ops, audits and compliance (e.g., HIPAA, Nacha, ADA, etc.).
You don’t need a four-leaf clover to find the pot of gold at the end of your cybersecurity rainbow – but it does depend on a billing and payment solution provider that adheres to the highest industry standards across all facets.
Paymentus maintains information security and privacy policies based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework. These policies are reviewed, updated and approved by senior management no less than annually. The review process ensures that the policies continue to be aligned with Paymentus’ risk tolerance, any changes to the NIST Cybersecurity Framework are incorporated, and any changes in relevant industry or regulatory compliance requirements are reflected. For more information, please contact us at https://www.paymentus.com/lets-talk/
