PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Securing and Managing the Business Data You Accumulate Is Getting Harder and Increases Your Liability

By Tim Sloane
January 10, 2020
in Analysts Coverage, Fraud & Security, Personal Data, Security
0
3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
TSYS Hack Immaterial to the Company, but What about Its Customers?

TSYS Hack Immaterial to the Company, but What about Its Customers?

How your firm manages data will shift dramatically due to the impact of machine learning, ISO 20022, and new privacy regulations. These issues will be additive to the current complex and underappreciated security problems that already exist in most organizations, as demonstrated by what seems to be daily notifications of customer data released into the wild.

The advice in this Forbes article is not telling you how to prepare for these new challenges specifically, but does provide operational recommendations that are broadly applicable:

Build security in from the beginning and automate whenever possible.

Typically, information security is an afterthought in building a new software application or implementing a new system. Once the implementation is finished, the security team starts testing it, resulting in a long list of things to fix before the system can go live. Suddenly, the launch date is in jeopardy, and there is resentment and recrimination on both sides — and the security that results is not as tightly integrated as it should be.

When I worked for a major financial services provider, we had similar problems with security testing coming so late in the development process. Instead, we asked the security team to become part of the early planning and development sprints for any new application. We got early feedback on what would make for a more secure approach, and the relationship between the developers and the information security team became more collegial and cordial.

One lesson I also learned from this experience is to perform automatic log scans for oversights and vulnerabilities. The best way to do this is to incorporate it in the early stages of your continuous integration, continuous delivery (CI-CD) pipelines. With the volume of work and the speed that business requires, it’s just not possible to do such things manually. Automation is imperative.

Security as a business enabler.

Of course, some of the unauthorized data access we might catch will be people at our own company who have a legitimate business need for the data. Inadequate access can stifle ideas and innovation. The logs can serve as a starting point for a larger discussion on how the company can make better use of its data.

Yes, data can be a liability, but so can overly stringent data security. Security should be a business enabler, providing a secure foundation for trusted relationships between the organization, its employees, its customers and its partners. That way, we can move beyond the fear that our data is a potential liability and know that it has become a true asset for the organization.”

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Data ManagementISO 20022Machine LearningPersonal DataPIIRegulationsSecurity

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    metal cards

    Leveraging Metal Cards to Attract High-Value Customers

    December 9, 2025
    fraud as a service

    Keeping Up with the Most Dangerous Fraud Trends of 2026

    December 8, 2025
    open banking

    Open Banking Has Begun to Intrude on Banks’ Customer Relationships

    December 5, 2025
    conversational payments

    Conversational Payments: The Next Big Shift in Financial Services  

    December 4, 2025
    embedded finance

    Inside the Embedded Finance Shift Transforming SMB Software

    December 3, 2025
    metal cards

    Metal Card Magnitude: How a Premium Touch Can Enthrall High-Value Customers

    December 2, 2025
    digital gift cards

    How Nonprofits Can Leverage Digital Gift Cards to Help Those in Need

    December 1, 2025
    stored-value prepaid

    How Stored-Value Accounts Are the Next Iteration of Prepaid Payments

    November 26, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result