Winter weather may be in a holding pattern as much of the country has yet to experience significant snowfall, but that doesn’t mean there aren’t things retailers can be doing to “winterize” their security, so to speak. Here are some of the most important areas to focus on to ensure your payments security can weather any storm in 2016.
Hire And Train The Right People
Security Intelligence offers a slew of suggestions for hiring and training the right people for your data security team. It predicts that 2015 very well may be the year of the CISO — that’s chief information security officer — as this role becomes increasingly important for preventing and detecting more sophisticated payment security threats.
CISOs need to be agile team members, understanding the complexities of security systems and strategies, while also having an appreciation for the unique needs of your business.
Follow Security Trends
Top Tech News has more than a few suggestions for ensuring bulletproof security in 2016. One of its predictions for the coming year, as many others have noted before it, is the rise of online payments fraud as EMV ensures more secure card-present transactions. According to a report by Javelin Strategy & Research, card-not-present fraud, which includes online transactions, is expected to be nearly four times greater than point-of-sale card fraud by 2018.
To combat this, Top Tech News recommends implementing proactive safeguards, like eliminating guest checkout from a merchant’s eCommerce site, utilizing fraud scoring systems and confirming CVV and other card data to ensure more secure online transactions. 3D Secure technologies are another way to add a layer of security to online transactions.
Offered by all of the major card brands, including Verified by Visa, MasterCard SecureCode, American Express SafeKey and more, 3D Secure solutions offer additional security for all players in the transaction, including the merchant, the cardholder and the banks. Integrating seamlessly into an eCommerce website, 3D Secure solutions offer a safer, more secure online payment method as the actual card data is never entered directly. The cardholder, Top Tech News notes, instead authenticates the sale by entering a user ID and password, which act like a PIN. The major drawback to 3D Secure technologies is that the cardholder must register his or her credit card with the corresponding card brand’s solution.
Keep Security Top Of Mind Across All Levels Of The Organization
While the need for retailers to train their in-store staff has always been important, it may be as important to manage up — to the boardroom, that is. The Wall Street Journal recently reported that Ernst & Young LLP’s Center for Board Matters, which focuses on company governance and board-related issues, has identified cybersecurity as a top priority for board members in the new year.
As boards continue to face escalating difficulties, such as maintaining and attracting talent and preventing cyberattacks, shareholders are taking a closer look at their actions and expecting these issues to be addressed.
“There is a realization that boards need to evolve as businesses evolve,” Ann Yerger, executive director of the center, told WSJ. “There’s no denying that cyber is now a top risk under consideration by companies.”