Number of Pages : 50 leaves
Adviser : Prof. Ma. Elizabeth Francisco
Abstract
The growth of online business made payments industry a growing economy. New websites and mobile phone applications are being developed to cater the needs of the customers to be able to transact online easily and conveniently. The demand of outsourcing a payment processing service has been helping the contact center industry catch up and at the same time expand the market. New technologies which were originally designed to improve the quality of life, how people do business transaction, faster and easier resulted in data breaches affecting businesses financially due to fines and penalties. A lot of companies have outsourced their payment services to trusted contact centers where they can process multi-million-dollar transactions on behalf of their clients. Data security standards have to implemented but companies are taking risks in running payment processing service without the appropriate security controls to possible avoid data breach cases.
My research findings indicate how a data breach case can damage a company both financially and its reputation. Although, some have already compiled to information security standards but still not enough to withstand cyber attacks that could potentially put the company and their customers at risk. Further, the research shows that although there is an on-going crisis in cyber security attacks and data breaches, the damage can be mitigated up to where the company can make savings and possibly retain its customers.
By studying further, it becomes evident that aside from implementing information security framework, data security standards, and certifications, there are still some ways to improve the security posture of a company other than these. No company or organization can protect itself from cyber attacks all the time but it can maintain a standard process to identify risks consistently, detect the problem using tools, respond to it data incidents and be able to recover right away without disrupting the business in terms of branding and financial standpoint.
My research findings indicate how a data breach case can damage a company both financially and its reputation. Although, some have already compiled to information security standards but still not enough to withstand cyber attacks that could potentially put the company and their customers at risk. Further, the research shows that although there is an on-going crisis in cyber security attacks and data breaches, the damage can be mitigated up to where the company can make savings and possibly retain its customers.
By studying further, it becomes evident that aside from implementing information security framework, data security standards, and certifications, there are still some ways to improve the security posture of a company other than these. No company or organization can protect itself from cyber attacks all the time but it can maintain a standard process to identify risks consistently, detect the problem using tools, respond to it data incidents and be able to recover right away without disrupting the business in terms of branding and financial standpoint.
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