It is widely accepted that the Financial and Insurance Industry (FII) is the ‘target of choice’ for financially motivated cyber criminals. The financial sector is the largest contributor to Australia’s national output, generating 11% or A$135 billion of real gross value added in the year to June 2011. Australia’s financial sector continues to grow more rapidly than most other sectors of the economy. It contributes almost four times that of agriculture, forestry and fisheries (A$34 billion), and over 10% more than mining (A$118 billion).The FII is also one of the more sophisticated users of information and communications technologies (ICT). The increasing dependence on ICT and the size of the industry, however, expose it to a wide spectrum of financially-motivated cybercriminal activities.

Over the course of the last few years there have been a number of large scale losses resulting from information breaches. This has driven home the importance of strong security processes. At the same time the digitisation of the economy has increased vulnerability to attacks, driving the search for better security measures. It is imperative to secure cardholder data, customer privacy, and business assets at every point across the business: from the data centre and contact centre, to agency/broker offices, and across e-commerce sites and payment processors. Each area is a potential point of significant financial exposure.

IP Solutions offers a range of solutions to the Finance and Insurance industry which reduce the cost, risk and lead times associated with security and compliance. Learn how other businesses have addressed their PCI Compliance, Payments and Network Security challenges:

  • PCI DSS Professional Services – IP Solutions has extensive experience assisting companies achieve and maintain compliance utilising a range of services and solutions which have the flexibility to meet the unique needs of the TMT industry.
  • Credit Card Data Discovery – IP Solutions scanning tools rapidly define the scope of a PCI assessment or certification project by concentrating efforts and focussing resources in line with the PCI Councils prioritised approach. It is also the ideal tool to ensure ongoing compliance is maintained.
  • Tokenisation Payments & Secure Card Storage – cardholder information is securely exchanged using tokenization technology and stored securely off site in Level 1 PCI DSS compliant encrypted datacentres, thereby reducing the risks and financial exposure associated with potential breaches within the merchant’s environment.
  • IVR Pay by Phone – PCI compliant fully hosted IVR services for clients who are looking to streamline their payment operations, reduce their cost base and free up resources.
  • Call Centre Compliance – reduce complexity of achieving and maintain compliance by taking the call centre out of scope for PCI. IP Solutions offers three solutions which address payment processing and PCI DSS Compliance within call centre environments.
  • MerchantSecure Network Management, Security & Productivity Solution – a fully managed cloud based network security and compliance service, with onsite security appliances.
  • Mobile Device Security – IP Solutions has custom built solutions which interoperate with iPhones, smartphones and tablets which enable secure payment processing via credit cards, wallets, tokens across a diverse range of devices.
  • Online Security & Compliance – IP Solutions offers an extensive range of online security payment solutions ranging from virtual terminals to online payment and advanced customer billing portals.

IP Solutions is unique in its ability to offer multiple security solutions, payment types, across multiple payment channels and devices to multiple banks in Australia and overseas.

Insurance Scenario

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