Online Payment Processing Risk for Hacking

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As more and more businesses are becoming reliant upon mobile and online payment processing to enhance the way they serve consumers, experts warn that hackers’ abilities to infiltrate your business security and the threat of online payment processing risk are increasing exponentially.

In a statement from the White House, the Obama administration just this month called for more action to be taken to fight cybercrime based on the Report of the Commission on Enhancing National Cybersecurity. Tom Donilon, the chairman of the Commission, met with President Obama to discuss the Report’s findings.

According to the statement, “the Commission’s report makes clear that cybersecurity is one of the greatest challenges we face as a nation.” This is why the President has called for a more than 35-percent increase in Federal cybersecurity resources while focusing on the following three priorities:

  • Raising the level of cybersecurity defenses in the public and private sectors;
  • Deterring and disrupting malicious cyber activity aimed at the United States or its allies; and
  • Effectively responding to and recovering from cybersecurity incidents when they occur.

As the Commission suggested, the administration has recently launched the “Lock Down Your Login” campaign which encourages consumers to better secure their identities online. Consumers now have more tools that aim to secure their financial future by assisting victims of identity theft, improve the government’s payment security, and accelerate the transition to next-generation payment security in the eCommerce and online payment processing space. Cybersecurity research and development investments have laid the groundwork for stronger cyber defenses in the future. Federal agencies are also clear on their role in responding to cyber incidents to protect our future.

Under his direction, President Obama created the first-ever federal Chief Information Security Officer. The Federal government’s reliance on legacy technologies is waning as well, and a proposal has been made by the Commission for $3.1 billion in order to see the modernization of IT systems.

Payline encourages and promotes safety and security across all channels of your business. Looking for a processor that will help you mitigate online payment processing risk? Let Payline help you stay safe so you can build upon your successes.

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