Data Security Through Hardware-Based Encryption
As new technologies emerge, so do new cybercrime attack vectors. Data encryption and security is increasingly important for enterprises of all size. Given the value of Customer Payment Data to the criminal world, it is especially targeted. Sensitive data such as financial information, e-mails, PINs, electronic medical records, social security numbers, and payment transactions must be protected.
The payment ecosystem contains some of the most complex and vulnerable processes that we have today. It involves many institutions with technology stacks that are processing and potentially storing highly sensitive data, making it a prime target for sophisticated attacks. All stakeholders are working together to provide a security solution that protects customer information because this entire system is only as strong as its weakest link, being its employees and the underlying technology protecting it. At the heart of this payment processing security landscape sits a Hardware Security Module (HSM). Most likely many HSMs.
An HSM provides cryptography for transaction processing, including secure communications, endpoint authentication and card/PIN verification. Using strong cryptographic algorithms, HSMs store and generate keys, ensuring that the master key never leaves the vault. These keys are used to validate customer card details and determine if transactions should be authorized or declined. As HSMs are considered the highest level of security they are rated and certified using the FIPS 140-2 standard. At a glance, a “good” financial HSM must secure the information in transit during a transfer from one financial institution to another, translate PINs between different zones and securely protect cryptographic keys; which are in transit inside payment networks.
Adding to the requirements of protecting all this data are the expectations that the banking industry must accommodate rising customer expectations. Consumers expect anytime, anywhere banking with refined websites and applications. So, as security requirements, such as the new PCI 3.2 mandate become more stringent, banks will still need to find a way to be nimble whilst not introducing security risk.
In this article, we will discuss the importance of understanding the full scope of options available, as well as the unique characteristics of hardware-based data encryption, before selecting a solution.
How the Retail Payments Experience Could Evolve with 5G Lighting
Retailers have had an accelerating two years of “Annus horribilis”, and it will get worse. Those who fail to adapt to and address the shopping engagement expectations of the modern generation shopper, with always-connected mobile devices in hand, will continue to struggle and go out of business.
Understanding your target consumer is key, but this generational shopper demands an experiential engagement, with integrated omnichannel technology offerings.
Our opinion article addresses the key technologies changing retail, payments and the new shopper expectations. A hypothesis we draw is how the large retail payments experience could be saved by 5G Lighting, baked-in personal identity, automated loyalty and creative gifting solutions.
Driving Customer Lifetime Value and Success Rates from Payment Data
The payments industry is in a constant state of change due to the ever-present forces created by regulation, security challenges, market competition and consumer demand. Also, we are on the cusp of wider market disruption on the back of global 5G rollouts (enabling IoT devices), voice-driven conversational commerce, Open APIs and personal identity management.
All of these factors create an explosion in data points and data sets with each consumer transaction producing a wealth of insight that needs to be assessed, analysed and used. Harnessing the data and sustainably extracting real value is however only possible if the relationships between strategic business goals and data sets are properly defined.
Instead of getting lost in a sea of data points seeking an answer without asking any specific questions, an organisation’s ability to define the outcomes it is working towards and then use the data to steer towards those goals will determine its success.
This paper illustrates these concepts with a real-world payments business example where a company transformed its payment success rates by combining data sources with a specific outcome in mind.
Digital PoS Enablement Junction@PoS
The speed with which the payments landscape is currently evolving is breathtaking and exciting. Constant innovation in the Payments and Value Added Services (VAS) space, mixed with increased customer demands, digitalisation, regulatory pressures and the use of mobile devices, is creating a rapidly changing and complex trading environment.
Enterprise Intelligent Automation Cyber Defence Platform
Automated attacks are now commonplace in our infrastructure and very hard to discover within applications. Automated defence is the only way to neutralise the growing risks, especially with technical security expertise in short supply. Learn how you can use automation to gain competitive advantage, reduce risk and save cost.
Oracle Java Version Update
Oracle have announced new versions (v13 released Sept 2019) and a change in commercial licensing for v8 and newer versions. As Oracle Java is popular among payment applications, and many will likely want to make changes to their Java usage, contact us if you want help to deliver the changes to your payment environments.
With regulations and compliance growing rapidly, internal processes have not kept apace. Manual tools are used surprisingly often and introduce latency and risks of their own, whilst staff are often poorly trained in basic knowledge to help keep your company safe. Find out how to improve your annual compliance processes by up to 30% and how cloud based training in cyber-security good practices can help you create an effective human defence shield.
Stanchion Payments Framework
Stanchion Payments Framework (SPF) provides the basis for an agile payment architecture and rapid, cost-effective Digital Payments and Business Service enablement.
SPF is ideal for introducing the latest digital business initiatives into overly complex, unstable or legacy environments. It is being used to introduce new and/or peripheral functionality to complement current payments capability, utilising new or existing open APIs. As the lightweight and flexible design is switch and system agnostic, it provides a quick and easy interface into Payments environments that can be consumed by modern web applications, with little or no switch impact.