Are you incorporating risk management into your organization's payment solution?

Are you incorporating risk management into your organization’s payment solution?

Any time money is transferred, there are risks. Bad actors are always trying to scam accounts payable departments into sending money to false bank accounts. Tight internal controls, continuous training and automated payment processing can reduce this risk.

Payment automation improves AP security and financial security. Companies can’t match the security and controls provided by a specialist firm, which is costly and time-consuming. Companies that don’t have the time or resources to implement rigorous risk mitigation strategies are vulnerable.

Nvoicepay, a payment automation company, follows established information security standards. They invest in the creation and maintenance of training programs, processes, and tools. Third-party audit firms assess these programs and procedures to determine their effectiveness and establish risk mitigation measures.

Reduce Likelihood; Minimize Impact

Vulnerability management is a strategy to decrease the chance of a vulnerability being exploited. There are many vulnerability detection methods that can be used to create a consolidated, risk-ranked and actionable remediation backlog. To determine whether or not to address vulnerabilities, the risks associated with them can be compared to the backlog of business opportunities.

Monitoring for suspicious activity is part of threat hunting. Bad actors often invent new ways to con people out of their money. It is important to keep up with them. It can be difficult to spot anomalies and accurately portray your organization’s threat landscape. A comprehensive inventory of hunts should provide enough coverage to cover all possible attack vectors. New exploitation methods require that threat hunting algorithms be adapted.

Rapid and effective incident response is essential to reduce the impact and prevent lateral movements after a threat has been identified. These steps will help reduce the threat’s impact:

Notify a central incident response team of any threat. Hunt algorithms can send out real-time alerts of anomalies that indicate potential compromise. An employee is trained in how to spot anomalies and report them to an incident team.

An incident response manager triages reported anomalies and routes them to the appropriate responder.

An incident responder will identify the root cause and containment procedures. Then, he or she will either report details to the vulnerability backlog or identify a solution.

A centralized incident response allows for the creation of a knowledge base of automation playbooks that can be used to address future incidents.

Operate but not orchestrate

Software-as-a-Service (SaaS) has revolutionized how companies solve many common business problems. It is gone are the days when large capital investments were required to fund servers, software packages and IT admin teams. SaaS allows for the separation of problems and processes within specific domains into complete, specialized solutions. SaaS allows companies to create and manage any number of SaaS offerings that automate business operations, including payment processing. This allows them to remain focused on their core competencies.

A SaaS offering’s security component is often a major part. SaaS providers are encouraged to invest in security compliance and differentiation from their competitors. This is to ensure resilience to cyberattacks and to differentiate them from other SaaS providers. Cybersecurity incidents are widely reported. A single mishap that results in the loss of sensitive data could cause significant reputational damage, loss of customers and loss of revenue.

You’re probably not making your own ACH bank transactions, managing a card program, writing checks, and you aren’t using all the tools available to you today to protect yourself from fraud and reduce risk. You have the option to add tools, strengthen your security team, and train employees to be alert for possible threats. You can also automate and orchestrate your payments with a payment automation provider to help you stay focused on your mission.

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