How Does The Global Payments Security Breach Affect You?
Who is Really Processing Your Payments?
You need to know who is processing your payments. It may not be who you think. You are contracted with a third party payments provider, but electronic payments have many companies in the supply chain. Who is really processing your payments?
Global Payments: Another Breach
Global Payments is fresh in the financial news for being hacked, and having credit card information stolen. Chances are, many of those accounts (or the merchants and government agencies who took the payments) didn't even know they were trusting Global. Do your payments go through Global? Would you know? Ask your provider, quickly.
Is Bigger Always Safer?
It takes a lot of work, expertise, and risk to break into a PCI secure company. There are many hurdles to overcome; only the most capable thieves can do it, and they need a big target to make it worth it. Is your data safer at the biggest processor? A huge corporation has more firewalls to protect, more people to trust, more ground for holes to go unnoticed. Global is just the latest target. Other famous examples? Sony's Playstation market was shut down for over a month. Citigroup gave up 360,000 customer's accounts. In the past year, there have been high-profile data attacks against the International Monetary Fund, National Public Radio, Google and Sony's PlayStation Network. Any PCI level 1 processor is a real challenge to break, only the big ones provide enough incentive.
What To Do In Case Of A Security Breach?
What would happen if your provider was suddenly not PCI Compliant? What is your responsibility to your payers? If you don’t know if your provider uses Global, you may not know if you are secure.
Follow Up In The News
Here are some useful links for you to be up to date with the news on the Global Payments Security breach:
Global loses VISA's PCI compliance
Description of problem and financial markets effect on Global Payments
Video: Including some information on security, vulnerability in larger acquirers and PCI.
Be Prepared and Let Us Help You With That
The more important issue at hand for you right now should be to find out if this Global breach affects you and what to do in the case that it actually does affect your security.
At Bill2Pay we have an online bill payments security team that will help you with this matter. Just click on the banner below to request a free quick assessment from us, at no charge, with no obligations on your part.