Page 6 - Pay Magazine s2014
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Industry Views:
Experts share best practices for protecting data
and the payments system.
Risky business
companies & people
By Adam Perrotta, Assistant Editor
Being in the payments business is risky for
one simple reason—it’s where the money is. So, fraudsters and cybercriminals are going to
attack it over and over and over again. The problem for payments professionals is that said fraudsters and cybercriminals are using more sophisticated tech- niques to access consumer nancial data—or data that can help them open fake accounts.
The total cost of data breaches worldwide is projected to quadruple by 2020, to $1.2 trillion, according to a Juniper Research study, with the average cost per breach exceeding $150 million. With the threat of cybercrime growing considerably, we canvassed top payments providers and data security consultants to nd out what they see as the biggest cyber-risks, and what steps companies should take to help keep consumer data—and the nancial system—safe.
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