Global Payment Companies Test Data Security Readiness

Global Payment Companies Test Data Security Readiness

Eighteen payment processors from the U.S. and U.K. tested their systems for cyber attacks.

Global payment companies help their first joint cybersecurity gathering to test their systems' readiness for simultaneous attacks, uncovering differences in their defenses, including how to define a crisis. 

JPMorgan Chase & Co., MasterCard Inc., WorldPay Inc. and Fidelity National Information Services Inc. were among the 18 payment processors from the U.S. and the U.K. that took part in the exercises, which were held recently at IBM's text center in Cambridge, Mass. 

“We put competitors in the same room together, which initially they were hesitant to do,” said Rob Johnston, head of operations at FIS. “But they realized pretty fast how valuable such a gathering is. When there are multiple breaches in an organized attack, it’s better to coordinate the response.”

The participants discovered they had varying definitions of a crisis related to breaches in how they reach out to law enforcement. Agreeing on a common definition and streamlining cooperation with government agencies will be goals for the payments industry, Johnston said. The sector will also seek a more formal way of sharing information on threats.

This is the first time these companies have come together to work towards a solution for the greater public. Executives and regulators are concerned a systematic attack on the plumbing of the financial system could disrupt the global economy.

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

  • Accelerating a Pathway

    There is a new trend touting the transformational qualities of AI’s ability to deliver actionable data and predictive analysis that in many instances, seems to be a bit of an overpromise. The reality is that very few solutions in the cyber-physical security (CPS) space live up to this high expectation with the one exception being the new generation of Physical Identity and Access Management (PIAM) software – herein recategorized as PIAM+. Read Now

  • Protecting Your Zones

    It is game day. You can feel the crowd’s energy. In the parking lot. At the gate. In the stadium. On the concourse. Fans are eager to party. Food and merchandise vendors ready themselves for the rush. Read Now

  • Street Smarts

    The ongoing acceptance of AI and advanced data analytics has allowed surveillance camera technology to shift from being a tactical tool to a strategic business solution. Combining traditional surveillance technology with AI-based data-driven insights can streamline transportation systems, enhance traffic management, improve situational awareness, optimize resource allocation and streamline emergency response procedures. Read Now

  • The Progress of Biometrics

  • Next-Gen AI for Smart Cities

    The future of smart city technology is not being shaped in Silicon Valley — it is taking root in Dubuque, Iowa. With a population of about 60,000, this mid-sized city has become a live testbed for AI-driven traffic management thanks to a unique public-private collaboration led by Milestone Systems. Project Hafnia demonstrates how cities can transform urban mobility and safety through Responsible Technology—without costly infrastructure overhauls. Read Now

New Products

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings.

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.