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

New Products

  • ResponderLink

    ResponderLink

    Shooter Detection Systems (SDS), an Alarm.com company and a global leader in gunshot detection solutions, has introduced ResponderLink, a groundbreaking new 911 notification service for gunshot events. ResponderLink completes the circle from detection to 911 notification to first responder awareness, giving law enforcement enhanced situational intelligence they urgently need to save lives. Integrating SDS’s proven gunshot detection system with Noonlight’s SendPolice platform, ResponderLink is the first solution to automatically deliver real-time gunshot detection data to 911 call centers and first responders. When shots are detected, the 911 dispatching center, also known as the Public Safety Answering Point or PSAP, is contacted based on the gunfire location, enabling faster initiation of life-saving emergency protocols.

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis.

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening.