Priya PatelTLDR:
- As businesses move online, the importance of aligning payments and data operations with compliance and cyber risks is crucial.
- Organizations need to integrate compliance into everyday operations to protect against cyber threats.
Businesses are facing a minefield of potential cyber threats as data becomes a critical asset in the online world. Recent breaches, such as the one at Lehigh Valley Health Network, emphasize the need for a culture of security and best practices across all sectors. Trust in financial institutions to protect data is low, highlighting the importance of a holistic approach to payments and data security.
Payment and cybersecurity operations have traditionally existed in silos, but integrating these functions is necessary to strengthen a company’s defense mechanisms. CISOs must work closely with payment teams to balance the need for speed with stringent security measures. Implementing a multilayered security strategy and digitizing legacy payment workflows are crucial steps in reducing risks at various levels. AI and ML technologies can help detect anomalies and strengthen defenses against emerging threats.
Engaging the C-suite and socializing best practices across the organization are essential for driving a company-wide focus on cybersecurity and compliance. Regular reporting on security metrics, risks, and financial implications can secure necessary resources and buy-in from decision-makers.
