Visa Europe revealed important stats about the usage of Contactless Cards. Poland, Spain and the UK use this payment methd the most, with UK usage growing by 300% year over year.
Just like the technology industry itself, cybersecurity and cybercrime are constantly evolving. Reports of major software vulnerabilities, hardware flaws and successful attacks are an almost daily occurrence.
For every vertical, corporate IT security has become a daily battle to stay ahead of criminals who are constantly developing new attack techniques. Most of the time the criminals have more resources at their availability, while the chief information officer and their team is literally running to stand still because the cybersecurity landscape is constantly changing.
Although constantly evolving, compliance frameworks sometimes develop at a far slower pace - especially those involving legislation. The General Data Protection Regulation (GDPR) took four years to formulate, and a further two to implement for instance. In the payment processing industry, PCI DSS remains the gold standard for maintaining customer data security are every point of a transaction, although this is overseen by industry players, rather than government bodies.
PCI DSS retains a high degree of rigidity in the face of a changing security environment, which is actually the source of its strength. Defining and upholding the standards expected of organizations involved in the payment process is what helps protect customers against fraud and financial loss.
The problem with achieving compliance against the major standards is that it can become a checkbox exercise. Your business knows it must meet the standards (PCI DSS, ISO , GDPR and the likes) but once achieved, funding and resources are quickly reduced.
This point-in-time mindset is a significant risk. Maintaining compliance in the face of a constantly evolving threat requires continued investment at a level often considered to be unsustainable. And if the checkbox has been ticked, some CTOs may find it hard to justify continued elevated levels of spend – especially if funds are being diverted from strategic projects.
Ultimately your business thrives when you can focus on your products, services and customers. Which is why you already outsource peripheral functions elsewhere in the organization.
Compliance is a crucial aspect of your financial operations, but the question remains – do all security controls need to be managed in-house, or would your business be better served by adopting Security as a Service?
There are three major benefits of outsourced security operations. First, your service provider has the necessary capital, resources and experience to stay abreast of the latest developments in the cybersecurity arena – and to maintain compliance over the long term.
Second, outsourcing frees up internal resources for the strategic projects that will drive your business forwards. Finally, partnering with a service provider helps to contain costs and keep security spend within budgetary limits - the partner has to bear much of the infrastructure/capital costs for instance, freeing cash for investment in other strategic projects.
Allowing any compliance accreditation to become an end goal is a serious mistake – and the penalties for breaching the frameworks are a reminder of just how seriously the accreditation bodies take cybersecurity. Security as a Service helps to make compliance an ongoing process of continuous improvement – and ensures that you have the resources and safeguards you need, when you need them.
To learn more about Security as a Service, and how Advantio can help your business achieve and maintain compliance, please get in touch.
I am the Founder of Advantio.
Technology has been my passion since I was a kid; when I first heard the handshake of an old 300bps modem I realised security would be key in an interconnected world. Since then it has become my passion and primary focus.
The reason why I've started my own business is to make IT Security simple.
Certifications: CISSP / CCSA (Checkpoint) / ITIL Foundations / ACSA (ArcSight)/ Linux+/ PCI-QSA / PA-QSA