How to prioritize security? Insights from the payment processing industry // Monika Liikamaa
W
hen it comes to compliance and security, no other industry is as strictly regulated as the financial industry – especially when working with payment processing like we at Enfuce do. That’s the playground I have been in for the last 20 years. During all these years, I’ve learned to love the regulated and controlled environment. In payment processing, we’re handling sensitive data about people and their payments. When you are dealing with money you need to be aware of the negative side, involving money laundering, human trafficking and terrorist funding. That’s why the strict regulations are more than justified.
When systematic, industry-wide regulations that require compliance and security are missing, many industries rely on self-monitoring and following best practices. Unfortunately, the lack of these regulations often leads to industries falling behind. I’m certain that companies are not neglecting security and compliance factors on purpose. They have a lack of knowledge and understanding. For these companies, security is not a priority unless it has to be. Yet, regulation is a great way to make it one. Security not being a priority for every company highlights the fact that we should share
For Enfuce, compliance and security are hygiene factors. If we do not operate in a compliant way, I can quit my job on the spot.
CYBERWATCH
FINLAND
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