How To Secure Modern Payment Systems

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Cloud technology is heavily used in modern online payment gatewaysystems. While it has been beneficial to the industry, it has also introduced new security challenges. Discover how to protect modern payment systems.
Traditional banking institutions across the market are disrupting their operations and embracing a new technology-focused approach: payments-as-a-service (PaaS). The adoption of cloud technology as a new host for payment systems has driven the shift to PaaS, similar to the more common software-as-a-service (SaaS). Private cloud networks enable businesses to provide services such as digital banking payments, eWallets, and e-commerce gateways within a quickly deployed and low-cost infrastructure.

Grand View Research predicts that the global PaaS market will reach $25.7 billion by 2027 as more businesses recognize the importance of a digital-first strategy. This backs up Research & Markets' prediction that the market will grow at a compound annual growth rate (CAGR) of 16.5% between 2020 and 2027. With so much potential for growth, financial institutions must ensure that their new system is secure if ...
... they are to see results.

Are Cloud Payments Secure?
Cloud computing can eliminate the need for on-premise servers while also providing real-time payment ecosystems and improving security. This is due to the fact that cloud providers are specialists and thus uniquely positioned to understand — and protect against — the key threats to their technology. Payments companies can then benefit from that expertise because the provider addresses the most critical vulnerabilities.

These relationships, however, are based on a model of shared responsibility: the provider protects the infrastructure, while the customer is responsible for securing its work within it. Because of this mutual relationship, each party must be aware of the risks involved.
The top threats to cloud computing are data loss or leakage, account or service hijacking, accidental admittance of malicious insiders, and data breaches caused by weak links in the security protocol. Some of these issues must be addressed through "cloud security," while others must be addressed through "cloud security." Both parties must do their part to ensure that the cloud operates safely while protecting all data.

How to Secure Modern Payment Systems

Cloud Security
Companies must understand what should be provided in terms of security and functionality when selecting a cloud provider. All providers should provide the following services to their customers:
Compliance — As the cloud is being used to support PaaS, standard compliance with payment regulations such as PSI DSS and ISO 27018 is required. Any business considering using the cloud for payments should ensure that their provider is certified for these payment processing standards.
Infrastructure security — DNS (domain name system) poisoning, in which a hacker redirects traffic to a fake site, can target any internet service. While the provider may not be able to prevent this in all cases, they should have an infrastructure in place to isolate any Denial of Service and prevent outages.
People and Procedures — Cloud providers should commit to training all employees on enterprise-wide security issues so that they can respond quickly if a security breach occurs. Similarly, experts recommend that a process of regular auditing and scanning be implemented in order to identify risks — and incidents — as early as possible.
Physical security - Like the digital equivalent of a security guard, refers to the protection of the infrastructure itself and who has access to it. Cloud providers should maintain strict and comprehensive access controls, monitor this 24 hours a day, and ensure that any other standardized security protocols are in place.
Data Security — While the payments company is expected to protect its data in the cloud, the cloud provider should still maintain a basic level of security. Whether the data is being stored or transferred to another location, the cloud should support any security measures that the payments platform wishes to implement.
Application Security — For long-term protection, experts recommend that all software be written in a strict SDLC (secure development life cycle) environment.
Security Infrastructure — In order to help the customer succeed, the cloud provider should also provide security software, which the best online payment gateway platform can then deploy. Firewalls, log management, and forensic support are a few examples.

API Security
Once a cloud system has been deployed, the payments company must address a few security concerns. These five steps will assist in ensuring a well-protected system:
Determine your vulnerabilities — An audit of the system is the simplest and quickest way to identify any risks in an existing protocol. A company can identify its biggest vulnerabilities and create a plan of action by testing and verifying each component of the offering.
Tokens should be used — Comprehensive access controls are essential for a secure cloud-based platform. It is easier to restrict permissions without sharing user credentials by assigning access through tokens, which are then assigned to individual identities. Tokens add an extra layer of security without complicating the user experience.
Encrypt data — Encryption is now standard practice for any data, but especially for personally identifiable information. Companies can add extra protection to their data if it is breached or scraped using methods such as Transport Layer Security (TLS). Developers may also want to consider requiring signatures for the select few who can modify and decrypt data.
Rate limiting and throttling should be used — APIs enable valuable microservices, but their popularity has also made them a target for hackers. Platforms can reduce their vulnerability to DDoS attacks by implementing rate limiting and throttling, which limit how frequently and when the API can be "called." This will also help to maintain uptime by reducing any naturally occurring spikes in usage, such as during the holiday season.
Utilize API Gateways — Payment platforms can direct traffic through a specific path and enforce security protocols and data authentication with the help of a gateway. The volume of data flowing through the gateway is also useful for analysis.

Conclusion
A safe and secure cloud system will advance payments processing, but only if both the cloud provider and the payments platform play their roles. Following a few key steps, whether securing the cloud or what's hosted within it, can dramatically reduce risk and build layers of protection that will keep the platform, its data, and its customers safe.