Cybersecurity in New Payment Ecosystems
With the evolution of payment ecosystems one of the major issues that arise is that of cybersecurity. When looking at the victims of cyber attacks, no one is really shown mercy—the government, financial institutions, large, medium and small enterprises alike. The cost of rise in collaborations between industry barons in the new payment ecosystem is that of a higher chance leaving the systems vulnerable.
To mitigate this risk, enterprises are looking out for their banks for advice on the process of raising their walls against cyber threats and attacks. In order to affirm state-of-the-art level security for the evolved payment ecosystems as well as the infrastructure itself, each collaborator needs to evaluate the security along each data foundation as well as collaboration points.
There is a need for strong and vigorous cyber security solutions is at its all-time high currently. The vulnerabilities faced include data privacy and breaches, and payment frauds. A survey on fraud conducted by the Association of Financial Professionals along with JP Morgan indicated that the highest frauds in 2016 were committed through cheques. Also, the drastic rise in frauds perpetrated via wire transfers from 27 percent in 2014 to 46 percent in 2016 was indicated.
In the last few decades, 2016 and 2017 saw the maximum hit of cyber attacks, such as, the WannaCry Ransomware (2017) which attacked 150+ countries with over 200,000 computers for a ransom of $300 worth of bitcoins to allow their systems to function normally. Although many banks invest a significant amount of time, money and manpower to counter cyber security, the risks faced by those on the corporate level are hard to handle. Corporate can be expected to tighten their own physical and virtual security without leaving the entire load on banks. Also, it is important to upgrade the existing security and train internal staff to be better prepared for a threat and to counter it.
By Tom Farrah, CIO & SVP, Dr Pepper Snapple Group
By George Evans, CIO, Singing River Health System
By John Kamin, EVP and CIO, Old National Bancorp
By Phil Jordan, CIO, Telefonica
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
By Dennis Hodges, CIO, Inteva Products
By Bill Krivoshik, SVP & CIO, Time Warner Inc.
By Gregory Morrison, SVP & CIO, Cox Enterprises
By Alberto Ruocco, CIO, American Electric Power
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
By Sven Gerjets, SVP-IT, DIRECTV
By Marie Blake, EVP & CCO, BankUnited
By Lowell Gilvin, Chief Process Officer, Jabil
By Walter Carvalho, VP & Corporate CIO, Carnival Corporation
By Mary Alice Annecharico, SVP & CIO, Henry Ford Health System
By Bernd Schlotter, President of Services, Unify
By Bob Fecteau, CIO, SAIC
By Jason Alan Snyder, CTO, Momentum Worldwide
By Jim Whitehurst, CEO, Red Hat
By Marc Jones, Distinguished Engineer, IBM Cloud Infrastructure