10 Steps of Adopting Enterprise Risk Management for Payment Security

Today, if you search for “Cybersecurity” on Google, you will see about 723,000,000 results within 0.5 seconds. 723 million results for something that would have barely generated a hundred results about 30 years ago. So, what changed? A term practically non-existent just three decades ago is now one of the most challenging keywords to rank on Google. Here’s what has changed in the last 30 years:

  • The internet evolved into a HUGE mammoth
  • Access to computers became easier
  • We started digitization core sensitive information like financial and health data 
  • Hackers got smarter and found more ways to steal sensitive data 

Cybersecurity and risk management practices are no longer exclusively relevant to large enterprise organizations. Instead, even freelancers, entrepreneurs, and one-person teams must invest in cybersecurity programs. As an innovative payments processing company, it is our duty to not only develop cutting-edge payments software/tools but also offer unparalleled secure networks/solutions for enhanced customer security. This blog is a mini-guide for corporations to get started with a well-defined cybersecurity program.



Step 1: Perform an End-to-End Analysis

Ideally, organizations should first identify and document all their current tech processes, especially those dealing with sensitive information. They should evaluate their existing technology stack to identify opportunities for security improvement. Enterprise organizations should ideally hire information security analysts with a degree in cybersecurity to identify potential loopholes in the network architecture.

Step 2: Identify the Need for Certifications

Corporations with relevant security certificates and tools often gain a competitive advantage. A certificate from a reputed institution like Nacha helps the organization establish itself as a safe and reliable partner. 

Step 3: Identify Technologies for Adoption

Experienced information security analysts create fraud prevention strategies while identifying risks for a system. They also make a strategic plan to manage various internal and external threats. These experts study their customers’ approach to risk management and identify several must-have and good-to-have solutions for enhanced cybersecurity. Technologies like tokenization and encryption for merchant payment systems help organizations prevent unauthorized access to sensitive data.

Step 4: Choose the Correct Vendors

After identifying the key risks and relevant cybersecurity technologies, the organization should look for the top vendors for particular solutions. The enterprise should look for the following while choosing their payment processing partners:

  • PCI-Compliance: Payment processors with PCI-DSS compliance reduce your PCI-scope liability and ensure that no sensitive customer information stays on their network/systems after completing a transaction.
  • Nacha-Certification: Nacha-preferred partners stay updated with the latest Nacha updates and regulations to provide enhanced and compliant security measures.
  • Customer Support Responsiveness: Payment partners that offer reliable customer support help enterprises maintain excellent uptimes for the seamless end-consumer shopping/payment experience.
  • Customization: While plug-and-play solutions help you save time, they don’t offer the same level of security as customized solutions. Customization at the proper levels in a bank-fintech partnership helps with increased cybersecurity. 

Check out this guide to learn how to choose the right secure payment systems for your organization.

Step 5: Identify Complementary Technologies

Large enterprises spend millions of dollars on cybersecurity measures every year. They can reduce these costs by relying on a one-stop payment processing partner that offers excellent scalability with complementary technologies. Scalable, secure solutions help them save time and money on retesting the security of the Enterprise Risk Management (ERM) framework after each new tech implementation. Here are some of the top complementary payment solutions that offer immense value from day one.



Step 6: Retest Security Systems

At this stage in the cycle, the enterprise should hire ethical hackers to retest security systems before they go live. Improper implementation of a cybersecurity tool can open up the architecture to unforeseen risks. High-tech ethical hackers use machine learning and automation algorithms to run the new security system through various regression tests. 

Step 7: Establish a Corporate Security Policy

Human error is one of the key drivers of network security failures. A well-documented corporate security policy highlights the roles and responsibilities of various individuals at an organization. These policies also highlight the best course of action in case of a security breach. With a strong Roles-Based-Access (RBAC) control, enterprises can limit their data and application access to employees that need it to perform their jobs correctly. Restricting access to sensitive information is the best way to plug leaks and prevent catastrophic failures in case of human error. Moreover, corporations should follow the best enterprise risk management practices by Nacha if they are carrying out transactions on the ACH network.

Step 8: Train Internal Employees on Best Security Practices

Robust training sessions help enterprises train their employees and customers on the best security processes. They should establish rules for password change, network access, and antivirus use on corporate devices. 

Step 9: Go Live

After testing, it is time for the organization to go live with its new security systems. Business owners can advertise their secure payment systems and policies to attract a larger customer base.


Next Steps

Step 10: Set up a Testing Schedule

Cybersecurity management and implementation is not a one-time process. Instead, enterprise organizations should set a regular schedule for security testing of their network infrastructure. The top organizations create risk management analytics dashboards to monitor cyber risks actively and take immediate action against payment fraud. Organizations should stay updated with the latest security technologies to prevent cyberattacks from advanced hackers.  


How Can We Help?

The burden of security on a cyber risk management platform reduces considerably with the implementation of a reliable payments processing partner. The top payment processors have inbuilt tools to identify different types of fraud and identity theft tools. They also deploy tools like check verification and account validation (link) to identify critical risks and curb the possibility of hacking.

At iCheckGateway.com, we help enterprises with:

We help organizations process ACH and credit cards on a single platform to further streamline payment processes. Our powerful payment technologies like SMS payments, Email invoicing, IVR payments, and virtual terminals help large organizations automate their payment processes. We are the Nacha-preferred partner for ACH solutions and automation


Get started with innovative payment solutions today. Schedule a call with our payments experts to know more.

iCheckGateway.com’s innovative solutions help you accelerate payments simply, securely, and reliably.

We help businesses accept and process payments with our suite of next-gen customizable fintech solutions. Our automated technologies help you carry out ACH and credit card transactions on a single easy-to-use platform.