In today’s interconnected world, where digital transactions have become increasingly prevalent in business operations, the importance of robust cybersecurity measures cannot be overstated. As technology advances, so do the tactics of cyberattackers who seek to exploit companies’ vulnerabilities to gain access to sensitive financial information.
Security threats can compromise the very safety of B2B transactions. Thankfully, the ongoing improvements in digital payment security measures are dedicated to securing transactions for businesses and their valued clients. In addition, there are proactive measures that business owners can take to protect themselves and their clients from potential cyber threats.
This article will provide business owners with the knowledge, insights and strategies needed to ensure the online payment security of their B2B accounts receivable (AR) payments.
Awareness Regarding Common Cyberattacks
Awareness of common cyberattacks circulating in our digital world is a powerful tool; it equips individuals and companies with the knowledge they need to prevent cyberattacks from infiltrating their business operations. Businesses account for nearly 40% of cyberattacks a year. The most common types of cyberattacks on businesses are:
- Phishing: Phishing attacks often take place in the form of emails. An individual impersonates a trusted person or company to gain access to login credentials, personal information or financial information such as a bank account number.
- Data breaches: Data breaches refer to unauthorized access to a company’s computer system. Data breaches occur because cyberattackers can identify software vulnerabilities, resulting in gaining access to sensitive data. Cyberattackers may use stolen credentials, exploit software weaknesses or employ other tactics to breach security and initiate fraudulent transactions.
- Malware: Malware is a malicious software program that compromises a computer system.
- Payment fraud: Payment fraud refers to the fraudulent activities tailored to obtaining funds or diverting payments, which can take the form of invoice manipulation, unauthorized transfers and more.
Best Practices to Prevent Cyberattacks
To safeguard your business and financial transactions, here are best practices you can start right away to enhance your B2B payment security and prevent a security breach:
- Regular software updates: Whenever we receive a notification for a software update, it can feel cumbersome to go through yet another update. Consequently, some may choose to stick with their current version or put off completing the update until later. However, software updates are not just there for improved functionality and speed — they also patch any known security holes. Cyberattackers often attempt to exploit vulnerabilities in outdated software to gain unauthorized access to a company’s website and financial information.
- Strong passwords: Implement strong passwords including a combination of letters, numbers and special characters. The sophisticated algorithms cyberattackers use can crack simple passwords in less than a second. If a cyberattacker cracks the password for an email account, for instance, they can use the account for phishing attacks to initiate unauthorized credit card payments.
- Two-factor authentication: Two-factor authentication (2FA), also known as multi-factor authentication (MFA), significantly strengthens the security of AR payments by requiring a second token to authenticate one’s identity, such as sending a verification code via text message or email. Even if cyberattackers gain access to your password, they’d still need the second piece of information to gain entry. 2FA prevents cyberattackers from gaining access to emails to initiate phishing attacks and prevents them from having access to financial data such as credit card numbers and login credentials.
Fintech Payment Solutions & PCI DSS
Fintech payment solutions have emerged as a valuable ally in the fight against cyber threats, with Payment Card Industry Data Security Standard (PCI DSS) compliance playing a pivotal role.
PCI DSS is a set of security standards to protect cardholder data during payment transactions. While initially focused on consumer payments, it has become increasingly relevant in the AR space due to the growth of digital payments in the business world.
Here’s how fintech payment solutions can help enhance cybersecurity, particularly concerning PCI compliance in AR payments.
- Secure card data handling: Modern fintech solutions adhere to strict PCI DSS requirements for storing, processing and transmitting cardholder data. PCI DSS ensures that businesses don’t store sensitive payment information locally, reducing the risk of data breaches.
- Regular auditing and reporting: Fintech providers undergo regular PCI compliance audits and assessments. Regular audits give businesses confidence in their chosen payment solution’s commitment to security and help them meet their compliance obligations.
Achieving and maintaining PCI compliance on your own can be challenging. Regulations and industry standards constantly evolve to best protect clients and businesses. In addition, there are different levels of PCI DSS compliance determined by the number of annual transactions processed and the card brands accepted. But, as PCI compliance evolves, so does REPAY.
Whether you process over six million card transactions annually or less than 20,000, REPAY’s payment solutions ensure you are fully compliant. To better protect your business and your customers, REPAY’s team of compliance experts aligns your payment solutions with your specific industry — collections, consumer finance, credit union, mortgage and more.
REPAY can achieve the rigorous requirements of PCI DSS requirements via a combination of the following: tokenization of cardholder data, robust security tools, API keys, secure vaults, quarterly and annual data scans and more. Contact us today and start protecting your online payment acceptance with our payment processor, payment gateways and other modern solutions.