As the media reports more cases of hackers being brought to justice for major security breaches, experts warn that cyber crime is only going to increase.
An article published yesterday by Lisa McGlasson of Bank Info Security claims that the indictment of the three people responsible for the Heartland Payment System hacks should serve as an opportunity to prepare the industry for future cyber attacks, which are sure to come.
The article quotes Nick Holland, an analyst with Aite Group, who notes, “These crimes are unfortunately not rocket science. This is probably just the start.”
The piece goes on to argue that when hacks occur, the information security community should receive a detailed list of how the hack transpired and how countermeasures could be put into place to defend against similar future attacks. More than simply adding defensive measures, the U.S. payment card system as a whole should be updated to modern securities, such as the chip and PIN systems used by non-U.S. card companies.
We at Electronic Verification Systems feel that enhancing id verification up to Red Flags Rule compliance standards is the foundation for progressive data security. To prepare for any threats to U.S. payment security, creditors and financial service providers should integrate these compliance measures into their own consumer screening systems.