Like the rest of the financial services sector, the payments industry is on alert about a rise in cybersecurity incidents, a concern that has only become more acute as the world economy adjusted to the Covid-19 pandemic.
Large industry players are aware of the growth in cybercrime and are taking steps to fight it, leveraging automation and artificial intelligence, but are increasingly concerned about third-party risk from vendors and clients, many of them small businesses that don’t have the same security resources at their disposal. The industry argues that security tools are available, thanks to automation and artificial intelligence, but all parties need to share information and coordinate their defenses to build a secure payments ecosystem.
