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

Cybercrime: What 2018 May Have in Store for the Payment Industry

By Tony Smith
February 8, 2018
in Industry Opinions
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Email Phishing in 2020: Fake Login Pages and Credential Theft a Constant Threat for the Financial Industry

Email Phishing in 2020: Fake Login Pages and Credential Theft a Constant Threat for the Financial Industry

Cyber-attacks are now estimated to cost UK businesses £29.1 billion annually and trends over the last few years suggest that attacks will increase in both magnitude and number over the next 12 months. Even the UK’s National Cyber Security Centre boss thinks a major cyber-attack in the UK is a matter of “not if, but when.”

2018 will no doubt see more businesses beefing up their security in response to these threats and also, to respond to the introduction of the EU’s GDPR’s data protection guidelines coming into force in May.

PCI Pal’s Tony Smith takes a look at the other trends in the cyber security industry during 2018, identifying the key risks businesses taking customer payments need to be aware of.

The risk of hacks even on big business will continue to grow

According to a report commissioned by US telecoms company Verizon, the number of attacks on businesses are increasing 50% year-on-year, and the trend is showing no signs of abating. Hackers aren’t just targeting poorly secured organisations, global brands have been targeted and even branches of government have fallen foul of intruders.

One such example was the highly publicised Shadow Brokers attack on the NSA in 2017, which saw the group release an alleged collection of the spy agency’s super-secret hacking tools and exploits in protest at US foreign policy decisions. And if the United States’ most secure agency can fall victim to hacking attacks, then anyone can.

Most hackers are concerned with their bottom line more than their political principles, however, and personal data represents a huge payday.

The rise of ransomware

2017 saw ransomware intrusions receive lots of media coverage, with attacks like WannaCry hitting headlines all around the world. The attack, while reasonably virulent, didn’t reap huge rewards for hackers when compared with others such as NotPetya, which cost one company alone upwards of $300 million.

The movement of ransomware into the public eye has been facilitated in part by so-called ransomware-as-a-service or RaaS, which sees non IT-savvy criminals able to buy code from creators on the Dark Web, to launch attacks of their own.

Attacks deriving from RaaS look likely to increase, owing to their potential profitability and virtually zero risk to the criminals involved.

Regulation changes

Noteworthy changes to the PCI DSS and the European Commission’s GDPR represent great jumping off points for companies looking to beef up their data security, but much broader changes are imminent, as businesses change the way they view attacks and, tellingly, how quickly they respond.

Rather than attempting to keep attackers out altogether, which it is now realised is a largely fruitless endeavour, companies and their security teams are beginning to view breaches as unavoidable, concentrating instead on descoping their contact centre and ultimately ensuring that attackers have nothing to steal if they are able to infiltrate a company’s security protocols.

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Cybersecurity

    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

    Payment Facilitator

    The Payment Facilitator Model as a Growth Strategy for ISVs

    February 4, 2026
    Simplifying Payment Processing? Payment Orchestration Can Help , multi-acquiring merchants

    Multi-Acquiring Is the New Standard—Are Merchants Ready?

    February 3, 2026
    ACH Network, credit-push fraud, ACH payments growth

    What’s Driving the Rapid Growth in ACH Payments

    February 2, 2026
    chatgpt payments

    How Merchants Should Navigate the Rise of Agentic AI

    January 30, 2026
    fraud passkey

    Why the Future of Financial Fraud Prevention Is Passwordless

    January 29, 2026
    payments AI

    When Can Payments Trust AI?

    January 28, 2026
    Contactless Payment Acceptance Multiplies for Merchants: cashless payment, Disputed Transactions and Fraud, Merchant Bill of Rights

    How Merchants Can Tap Into Support from the World’s Largest Payments Ecosystem

    January 27, 2026
    digital banking

    Digital Transformation and the Challenge of Differentiation for FIs

    January 26, 2026

    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