Data Security for Credit Card and Transaction Processing Companies
Published on : Tuesday 03-05-2022
Filip Cotfas explains how companies can use DLP solutions to regulate the use of USB and peripheral ports as well as Bluetooth connections.
Credit card and transaction processing companies, as their very name suggests, work with sensitive credit cardholder information on a daily basis and are subject to strict data security compliance requirements as a consequence. Therefore, data security is not only a passing concern for credit card and transaction processing companies but a vital aspect of their business. The cost of a data breach in the finance sector to which credit card and transaction processing companies belong have the second-highest data breach costs of any industry: $5.72 million/data breach, with lost business being the biggest contributing cost factor. So how can credit card and transaction processing companies better protect their data and avoid such losses? Let’s take a closer look.
Address internal threats
Cybersecurity is often equated with the need to protect company networks against external threats. However, while safeguarding data and systems from cyber-attacks is a major part of any cybersecurity endeavour, credit card, and transaction processing companies should not neglect the second most significant contributing factor to data breaches: employees themselves. Whether through neglect or malicious intent, insiders are one of the biggest root causes of data leaks.
Credit card and transaction processing companies can use Data Loss Prevention (DLP) solutions to protect data from internal threats without negatively impacting employee productivity. DLP solutions identify, monitor, and control sensitive data.
Using contextual scanning and content inspection, they can identify cardholder information, PII, and any other type of data defined as sensitive in hundreds of file types, monitor it, and block or limit its transfer.
Restrict access to sensitive data
This means that only authorised employees should have access to sensitive information and, even then, should only access it when it is needed to complete tasks. DLP content discovery scans can help credit card and transaction processing companies meet this requirement. Organisations can use DLP tools to search their entire company network for sensitive data stored locally on their employees’ computers and delete or encrypt it when found in unauthorised locations.
Block or limit the use of removable devices
Removable devices are another common data exit point. When it comes to credit card and transaction processing companies that collect, process and archive massive amounts of sensitive data, employees' use of removable devices can be a high-security risk.
Companies can use DLP solutions to block the use of USB and peripheral ports as well as Bluetooth connections or limit their use to approved devices. In this way, organisations can control the level of security of devices connected to work computers but also easily identify which employee has used a removable device at what time. Companies can thus identify any potential attempts to steal data by malicious insiders.
Filip Cotfas has an impressive background in sales and project management. As a Channel Manager at CoSoSys, he is utilising his extensive skills for daily operating efficiency with a focus on the South Asia, Middle East and Northern Europe markets.
Filip`s main responsibility is handling the existing Customer portfolio, as well as acquiring additional revenue streams, mainly by coordinating with the existing partners or enabling new partnerships, in order to help more customers benefit from our award-winning Data Loss Prevention solution. In the past years, he has been developing the sales strategies for his markets and built a successful relationship with channel partners. Filip`s objective is helping businesses overcome their security challenges and protecting their sensitive information. He is goal-oriented with a genuine passion for sales and business development.