How can you ensure Payment Systems security in the age of digital transformation?

Educate employees about security best practices, phishing threats, and social engineering attacks to enhance their awareness and reduce the risk of human-related vulnerabilities.

One of the best ways to ensure payment system security is to use digital payment solutions that are more secure than traditional payment methods. These solutions are backed by several security methods, such as encryption, payment tokenization, SSL, etc., which make transactions across online channels more secure . To combat fraud in the era of digital payments, financial institutions must have robust cybersecurity programs in place that include firewalls, detection systems, and data encryption . Platforms with weak server-side controls make the payments infrastructure vulnerable to attacks

Assess and manage the security posture of third-party vendors and service providers to ensure they meet security standards and do not pose risks to the payment ecosystem.

Stay updated with emerging security threats, technological advancements, and best practices, adapting security measures accordingly to mitigate new risks.

A risk and control self assessment (RCSA) is a helpful tool to understand and communicate the inherent risk of the activities you are conducting along with the effectiveness of existing controls to mitigate that risk. It’s important to gain this understanding before making significant changes to your control environment.

Given the reliance on third party suppliers for critical business functions, a comprehensive vendor/supplier procurement, onboarding, and ongoing management practice is essential. In addition to reviewing the documentation listed above for compliance with your business requirements and expectations, you should obtain and review the results of independent reviews and audits, ensuring prompt and thorough remediation of any issues which are noted by the reviewer.

This section should also reference Static and Dynamic Application Security Testing (SAST and DAST). Additionally it’s important that the results and findings from all testing, including the types already described in this section, be tracked through to completion. Findings that will not be remediated should go through an established risk acceptance process.