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23 May 2018 The heightened threat of cyber attacks is fueling payment losses — how should your business respond? Losses from cyber attacks on payment systems — both financial and reputational — are increasingly costly, happening more frequently and are under more scrutiny from customers, regulators, investors and media. Share prices of impacted companies dropped an average of 5% after a cyber event was disclosed, and over 30% of customers impacted by the breach ended their relationship with that organization — weak security postures are no longer acceptable. Cyber attacks are more sophisticated and now target the entire payments life cycle. Silos that exist between lines of business, payment operations (across payment types, business functions and geographies), cybersecurity, risk, compliance, technology, treasury and business continuity hamper the closely coordinated response needed to prevent, detect and respond to attacks. In response to the business risks from cyber attackers who seek to harm or disrupt the payments system, perpetrate fraud and/or gather intelligence, regulators, industry groups and payments utilities have issued enhanced cybersecurity standards. Document ID: 2018-5684 |
