What steps can you take to secure payment systems on public networks?

As a Service provider, must use secure and updated encryption protocols (such as TLS/SSL) to encrypt data transmitted between the user's device and the payment system. Also must ensure that all communication, including payment details and user credentials, is encrypted to prevent eavesdropping.

The main objective of encryption is to guarantee the confidentiality of data by transforming it into a secure, unreadable format. Only those with authorized access possessing the requisite decryption key or credentials can unveil and comprehend the original information. It is important to implement encryption both during data transmission (in transit) and while it is stored (at rest). By consistently applying encryption measures, we ensure that only authorized individuals can access sensitive payment data, reinforcing the overall security posture of our systems.

Conduct regular security audits and vulnerability assessments, and you can hire third-party professionals to identify and address potential security weaknesses in your payment systems.

When I was boarding merchants, I always added encryption to safeguard and hold better PCI standards in the event of a data breach. Many ISOs and Processors typically consider this as an add-on versus what should be necessity.

Authentication is essential in securing payment systems on public networks to verify identities, prevent unauthorized access, maintain user accountability, and ensure the confidentiality of sensitive payment information. I feel It is a foundational element in the overall security framework of payment systems.

I'm ignoring payment apps that don't do a great job in the authentication, the provider must use TFA; Two-Factor Authentication (2FA): means Implementing two-factor authentication for user accounts to add an extra layer of security. This typically involves using a password and a secondary authentication method, such as an OTP sent to a mobile device through notification, SMS or email. some applications now are authenticating through different apps like what is being done by youtube or Adobe Acrobat.

Greater improvements have happened over the years and expanded beyond payment applications. I have seen more OTPs utilized more frequently beyond payments, but if the trend is heading towards Web 3.0, all these features will be enhanced and status quo with use.

Data security isn't the only thing that the business should be aware of while aligning with the compliance. A business must also follow compliance regulations with fraud and risk and also be mindful of the chargeback compliance. It is thus important for a business to submit reports like STRs to the governing body and also maintain a low value of the chargeback volume.

I feel compliance standards play a crucial role in ensuring the security and integrity of payment systems. Compliance standards are instrumental in establishing a secure foundation for payment systems on public networks. They provide a framework for protecting sensitive data, meeting legal obligations, building customer trust, and addressing evolving security challenges in the dynamic landscape of electronic payment systems.

I will go back to encryption. It seems that if that technology utilized more with EU and GDPR, makes it easier to hold a high level of PCI DSS where this technology can be implied. Technology keeps expanding for in-person and web payments for this to happen.

To secure payment systems on public networks: Use HTTPS and avoid unsecured Wi-Fi. Employ firewalls and updated antivirus software. Keep all software up to date. Implement tokenization for sensitive data. Enable Two-Factor Authentication. Use network segmentation to isolate the payment system. Conduct regular security audits. Educate users on security best practices. Secure physical access to devices. Develop and regularly update an incident response plan.

Monitoring and updating are integral to the ongoing security and functionality of payment systems. These activities help organizations stay ahead of potential threats, address vulnerabilities, maintain compliance, and build a robust defense against evolving cyber risks.

Educating and training individuals in secure payment systems is instrumental in creating a knowledgeable and security-conscious workforce. This in turn, strengthens the overall security posture of payment systems, reduces the risk of unauthorized access, and enhances the organization's ability to adapt to evolving cybersecurity challenges.

There are many businesses that still do not comply as they should, even with education and training. I think adherence can be challenging because organizations do not may perceive a potentially complicated payment process. And then sometimes it just comes down to how much more money that has to be spent and organizations do not take an extra step. Hopefully more perceptions will change on this with education but still challenging.

Else, Regular Software Updates Monitoring and Anomaly Detection Collect and store only the necessary data for payment transactions.