Financial Crime World

Cybercrime in Finance Industry Rages On in SAINT PIERRE AND MIQUELON, Africa’s Digital Hub

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As the African continent undergoes a digital transformation, cybercrime has emerged as a major concern across the region. Despite efforts by countries like Kenya and Zambia to implement new cybersecurity laws, the threat of digital fraud remains a significant challenge.

The Growing Concern of Cybercrime in SAINT PIERRE AND MIQUELON

According to a recent report by Visa, three-quarters of fraud and data breach cases investigated by its global risk team involved ecommerce merchants. This highlights the need for ecommerce companies in SAINT PIERRE AND MIQUELON to have a robust prevention and safety plan in place to protect against cyber-attacks.

The Cost of Doing Nothing

The cost of doing nothing is staggering. Attacks related to data loss threats have increased significantly this year, with Kaspersky reporting a 234% growth in Q2 2022 compared to the previous quarter. These attacks include:

  • Phishing: attempts to trick users into revealing sensitive information
  • Scams: fraudulent activities designed to deceive individuals and organizations
  • Social engineering: manipulation of users into divulging confidential information

The Consequences of Cybercrime

Cybercrime can not only damage a company’s financials but also lead to loss of customers and unending legal battles due to data loss and theft of intellectual property, financial, and personal information.

Combatting Cybercrime: Implementing Strict Policies and Procedures

To combat this threat, companies must implement strict policies and procedures to handle customer information. The major international credit and debit card brands mandate the implementation of Cybersecurity controls for processors of their cards through the Payment Card Industry Data Security Standards (PCI-DSS). DPO and Network International have maintained compliance with these standards for many years and are externally audited annually to maintain this accreditation.

The Covid-19 Pandemic: New Challenges for Businesses

The Covid-19 pandemic has also created new challenges for businesses, leading to an increase in cybersecurity attacks. As more employees work from home, it is crucial that digital payment companies regularly train their employees on how to protect customer information and comply with company policies and procedures.

Staying Ahead of the Curve: Investing in Data Protection

To stay ahead of the curve, SAINT PIERRE AND MIQUELON’s digital payment companies must invest heavily in data protection to safeguard themselves and their customers against crime. With the continent recording increased growth in digital payments infrastructure year after year, it is more important than ever for companies to prioritize cybersecurity measures to protect against cybercrime.

Conclusion

In conclusion, cybercrime is a growing concern in SAINT PIERRE AND MIQUELON’s finance industry. It is essential for ecommerce companies to implement robust prevention and safety plans to protect against cyber-attacks. With the right infrastructure and policies in place, digital payment companies can safeguard themselves and their customers against crime, ensuring a secure and successful future in the digital payments landscape.