As organizations transition to online operations and data becomes a valuable asset, they must navigate a complex landscape of potential threats. This was highlighted by the recent news that Lehigh Valley Health Network (LVHN) paid a $65 million settlement to patients affected by a ransomware attack. In light of this, it is crucial for businesses to promote best practices and foster a culture of security, especially for leaders like chief information security officers (CISOs).
As cyber events become a regular part of business operations, effectively communicating cyber-risk to internal leadership teams and C-suite colleagues is more important than ever. This is especially true for critical sectors like financial services, where the adoption of innovations like real-time payments and mobile wallets has increased the potential points of vulnerability. Cybercriminals are no longer just targeting networks, but also payment ecosystems that contain sensitive data such as customer payment credentials, transaction histories, and personally identifiable information (PII). According to PYMNTS Intelligence, only 57% of Americans trust financial institutions (FIs) to protect their data.
To effectively manage current risks and protect against future ones, organizations need a holistic approach to payments and data security that integrates compliance into everyday operations. This can be challenging, as payment and cybersecurity teams traditionally operate in silos. Payment teams focus on transaction speed, efficiency, and customer experience, while cybersecurity teams prioritize risk mitigation and data protection. However, this fragmented approach weakens the company’s defense mechanisms and leaves it vulnerable to cyber attacks.
In today’s fast-paced world, consumers and businesses expect payments to be instantaneous. However, real-time payment systems also come with real-time cyber risks. Striking a balance between speed and security is crucial, and CISOs must work closely with payment teams to ensure that cybersecurity protocols do not hinder operational efficiency while maintaining robust security standards.
The cyber threat landscape is constantly evolving, with ransomware attacks, phishing schemes, and fraud becoming increasingly sophisticated. Payment systems are particularly attractive to cybercriminals because they provide access to financial gain. Payment fraud, business email compromise (BEC), and identity theft are all on the rise, forcing CISOs to be agile and proactive in their approach.
In conclusion, as businesses continue to rely on online operations and data, it is essential for organizations to prioritize cybersecurity and integrate it into their everyday operations. This requires collaboration between payment and cybersecurity teams, as well as a proactive and agile approach to staying ahead of evolving cyber threats. By doing so, businesses can protect their valuable assets and maintain the trust of their customers.
