As businesses shift online and data becomes a critical asset, organizations must navigate a minefield of potential threats. The recent $65 million settlement paid by Lehigh Valley Health Network to patients impacted by a breach highlights the importance of fostering a culture of security across the entire organization.
Cyber events have become a feature of business operations, making it essential for leaders like chief information security officers (CISOs) to effectively communicate cyber-risk to internal leadership teams and C-suite colleagues. The need for a holistic approach to payments and data security that integrates compliance into everyday operations is more pressing than ever.
PYMNTS Intelligence finds that just 57% of Americans trust financial institutions to protect their data, making it crucial for organizations to align payments and data operations with cybersecurity efforts. This requires a coordinated effort between payment teams and cybersecurity teams to ensure robust security standards without hampering operational efficiency.
The cyber threat landscape is constantly evolving, with ransomware attacks, phishing schemes, and fraud becoming increasingly sophisticated. CISOs must be agile and proactive in their approach, working closely with payment teams to strike a balance between speed and security.
A multilayered security strategy is essential for reducing risks at various levels, including the digitization of legacy and paper-based payment workflows. Artificial intelligence (AI) and machine learning (ML) technologies can analyze vast amounts of data to identify unusual patterns that may indicate fraud or cyberattacks.
To drive a company-wide focus on cybersecurity and compliance, CISOs need the backing of the C-suite. Engaging leadership through regular reporting on security metrics, potential risks, and the financial implications of non-compliance is crucial for securing necessary resources and buy-in from decision-makers.
Source: https://www.pymnts.com/cybersecurity/2024/aligning-payments-and-data-operations-with-compliance-and-cyber-risks/