Essential Security Strategies for Today’s Businesses

In Brief: While PCI compliance is a necessary baseline for protecting cardholder data, it should not be the only defense. Your business needs a a proactive, multi-faceted security approach to help protect your business and your customers.

Software providers with embedded payments and merchants that accept electronic payments have a responsibility to protect sensitive customer data. While Payment Card Industry (PCI) compliance provides a solid foundation for cardholder data security, it’s only the beginning of a truly comprehensive data security strategy.

Businesses that recognize this reality and implement additional security layers stand to gain not only enhanced protection, but also the trust of the customers who share their sensitive financial information with them.

Starting Point: PCI Compliance

PCI compliance encompasses the payment security standards that must be followed to protect cardholder data. Set forth by a consortium of major payment card networks known as the Payment Card Industry Security Standards Council, these requirements establish crucial protections for any business that accepts, processes or stores payment card information.

These regularly-updated requirements – which include secure networks, vulnerability management, strong access control and regular monitoring – are not just an optional best practice for merchants handling electronic payments; they’re mandatory.

While compliance is important, these standards specifically target cardholder data protection, not the full spectrum of cybersecurity threats businesses face. Many merchants mistakenly believe that achieving PCI compliance automatically shields them from all cyber threats – a misperception that can leave significant vulnerabilities unaddressed.

Related content: PCI Compliance Checklist: Are you Covered?

Beyond Compliance: A Comprehensive Approach

In today’s environment, effective payment security requires going beyond baseline compliance requirements. Cybercriminals are continually developing sophisticated techniques designed to bypass standard security measures; that means a truly robust security strategy must combine multiple protective layers, including:

1. Risk-based security assessment: It is important to regularly evaluate your specific threat landscape and vulnerabilities to allocate resources effectively. A risk-based security assessment for merchants focuses on their own unique risks. It involves identifying specific threats like data breaches, cyberattacks, fraud, vendor risks, and phishing. Resources are then allocated based on the likelihood and impact of prioritized risks, with continuous monitoring to adapt to evolving threats. It also includes evaluating third-party vendor security to ensure they are not inadvertently putting your customer data at risk.
2. Integrated security systems: A layered approach to security is essential. If one security measure fails, others are in place to prevent a breach. This involves integrating different security tools to create a cohesive defense. Some key components to an integrated security system include:
   • Firewalls: Control network traffic and block unauthorized access.
   • Intrusion Detection/Prevention Systems (IDS/IPS): Monitor network traffic for suspicious activity and block attacks.
   • Web Application Firewalls (WAFs): Protect web applications from common attacks.
   • Endpoint Detection and Response (EDR): Monitor and respond to threats on individual devices.
   • Security Information and Event Management (SIEM): Collect and analyze security logs from various sources to detect patterns and anomalies.
3. Proactive monitoring: Implement systems that can detect suspicious activities before they develop into full-blown breaches. Many payment providers, including Wind River, have monitors in place to detect things like card testing and fraud. Proactive monitoring shifts payment security from reactive to real-time detection.

The Human Element: Employee Training

Perhaps the most crucial security component—yet one that is often overlooked—is employee training. An estimated two-thirds of cyberattacks begin with phishing emails targeting staff members. Without proper training, well-meaning employees can inadvertently become security vulnerabilities. To shore up this potential weak point, effective employee training programs may include:

• Reminders to not click links from unknown senders
• Regular updates on emerging threats and recognition techniques
• Clear security protocols for handling customer data
• Practical simulations of common attack scenarios
• Reporting procedures for suspicious activities

By developing a security-aware culture, merchants create an additional human protection layer that complements technological protections. When employees understand payment security risks and their role in prevention, they can become active participants in their organization’s security framework–turning a potential vulnerability into a strength. Your payment provider should be able to help by keeping you updated on the latest scams and providing guidance on how to avoid them.

Incident Response Planning

Despite the best preventative efforts, security incidents may still occur. Having a well-developed incident response plan can significantly reduce the damage when breaches happen. These plans may include:

• Define specific roles and responsibilities during security events
• Establish clear communication channels and decision-making authorities
• Include procedures for containing breaches and preserving evidence
• Outline steps for customer notification and regulatory compliance

To be most effective, response plans shouldn’t be “set-and-forget.” Instead, protocols should be tested regularly and updated as needed to ensure response teams are prepared for the full range of potential security incident scenarios.

Cost-Effective Security Enhancements

While advanced security technologies like behavioral biometrics and AI-powered monitoring offer powerful protection, they may be too expensive or complex for all but the largest merchants. Fortunately, several cost-effective security measures can significantly enhance protection for merchants of any size. These steps include:

• Multi-factor authentication for all systems handling payment data
• Systematic software updates and patch management
• Network segmentation to isolate payment systems
• Endpoint protection for all devices accessing sensitive information

These measures offer ample security improvements without requiring enterprise-level investment and lengthy implementation processes.

Continuous Improvement

Because the threat landscape evolves constantly, merchants must regularly reassess and enhance their security measures. Effective payment data security is an ongoing process, requiring attention, investment and adaptation to keep pace with cybercriminals’ latest tools and tactics.

By implementing integrated security processes, prioritizing employee training, developing incident response capabilities, and committing to continuous improvement, merchants can build effective payment security programs that protect both their customers and their business.