There was a time when cybercrime was the stuff of Hollywood movies. It was fun to watch sinister types figuring out the magic formula to get into an organisation’s “vault” and steal all its treasures. Today, it’s no longer the stuff of fiction, credit card theft is very real and stopping it is linked to the ongoing prosperity of your business.
A 2015 report by the Australian Payments Clearing Association (APCA) says financial institutions, retailers and government bodies are all “high targets” for cybercrime attack though there is no business that can rest easy. The report found a 23 per cent increase in the number of data breaches in 2014 and several high-profile companies were targeted including Sony and EBay.
According to the report, the total value of card fraud increased by 33 per cent to $387 million. This is against an increase of 5 per cent to $657 billion on the total amount spent by Australians on their cards in 2014. Over the six years since 2009, the fraud rate has risen from 33.7 to 58.8 cents for every $1000 spent.
This raises many security questions for your business: Where is all that credit card information stored? Could you have old customer payment databases with credit card data, old servers performing backups, and emails containing sensitive information lurking around?
With credit card payment security, just like any other security initiative, you can’t safeguard something unless you first understand it. That’s why you need to determine the scale of the problem, the number of exposed cards and the locations of unprotected card data.
This is where the discovery process kicks in. Most companies think they know where sensitive data is in their databases, servers and systems and how much there is, but the reality is a significant portion of businesses are not fully aware of what is in their databases and other network locations. That’s why seeking out expert advice is a good idea as it could help prevent a great deal of drama down the line.
To find out how IP Solutions can help you with the latest technologies to protect your credit card and other data, book in a demonstration on how to find your credit card data here. Or download your free copy of the eBook called Protecting your business from Cyber Attacks with Credit Card Scanning.