The Cost of Cybersecurity in Digital Payments Space
Account Takeover Fraud
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AI-Based Attacks
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Anti-Money Laundering (AML)
Dharshan Shanthamurthy on Security, Compliance and Growth in Digital Payments
The digital payment landscape is undergoing transformative growth, with cybersecurity at its core. Dharshan Shanthamurthy, CEO at SISA, discussed the urgency of addressing cybersecurity in an industry that is not only lucrative for businesses but also for motivated criminal gangs.
Shanthamurthy shared the three main concerns unique to the digital payment industry: price targets, high compliance standards and high business growth. With the digital payments space expanding, companies need to strike a critical balance between compliance, security and business acceleration.
“Compared to an account on social media, which costs roughly about two and a half cents per account, the payment data is about 1,000 times more expensive, or more rewarding, for the intruder,” he said. “NIST’s five groups of security controls are recommended: identify, protect, detect, respond and recover.” Modern security platforms and services, such as extended detection and response, enable earlier detection, improved investigation, and faster response times, he said.
In this video interview with Information Security Media Group at RSA Conference 2024, Shanthamurthy also discussed:
- Unique cybersecurity trends in the digital payments space;
- How managed XDR can help address some of the concerns in digital payments security;
- How SISA can help respond to security challenges in digital payments industry.
As the founder and CEO of SISA, a global cybersecurity company, Shanthamurthy leads a team of specialists who protect digital payments from cybercriminals. With over 20 years of experience in the field, he has expertise in threats, risks and solutions that affect the payment industry and its stakeholders. Learn more about SISA’s presence at RSA Conference, click here.
