Cybersecurity and cross-border payments

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Cybersecurity and cross-border payments

The Internet has taken humanity by storm. Organisations have reported exponential growth on the back of cross-border collaborations. Individuals have been propelled to fame overnight just by sharing a social media post, even liking one.

But advancement in technology has blurred the line between security and freedom. Authorities worldwide are facing a constant dilemma: let the Internet run its course with minimal supervision or implement stringent measures to curb the negatives?

A study by the United States think tank Center for Strategic and International Studies (CSIS), in partnership with McAfee, revealed that US$600 billion, or almost 1% of the global gross domestic product, is lost to cybercrime each year¹.

As the stakes get higher, cybersecurity and preventive methods are evolving to keep up with the dark side. But there is a big question – should global firms and cybersecurity providers rethink their approach to tackling online threats?

Yuval Danieli, vice-president of customer services at the Israeli cybersecurity firm Morphisec, certainly thought so. He told the BBC News portal that most companies were too busy with threat detection and should “bring prevention back into the game”.

Tranglo shares Danieli’s sentiment. As a digital cross-border payment hub, our tech experts adhere to preventive measures by complying with industry best practices, performing scans internally or externally to identify and fix vulnerabilities, including software flaws, missing patches, malware and misconfigurations.

These measures include:

  • Quarterly vulnerability assessments by a Payment Card Industry (PCI) Authorised Scanning Vendor (ASV). ASV is a company certified by the PCI Security Standards Council, which maintains, evolves and promotes the Payment Card Industry Data Security Standards (PCI DSS). A business that is PCI DSS compliant meets international security standards in protecting data from fraud.
  • Using a state-of-the-art Key Management Solution to store, secure and control access to system tokens, passwords, certificates and encryption keys. The stored keys are kept centralised and distributed using the Active Directory authentication, a fast and secure authentication method.
  • Engaging professional penetration testing experts and cybersecurity consultants to run white box security assessment on applications twice a year.

Tranglo chief information officer Nelss Liow said: “Cybersecurity may be time-consuming and costly – our developers need more time to test code, identify risks and run scans – but risk management is always worth it. Ensuring clients get the best protection from illicit online activities may be the most vital task of any firm.”

Reach out to us for more information on how Tranglo’s tech experts work round-the-clock to create secure cross-border payment solutions for your business.

Read the BBC News article on how researchers are coming up with interesting solutions to keep your connection secure from hackers and spies.

Economic Impact of Cybercrime -No Slowing Down Report"

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