Account Takeover Fraud , AI-Based Attacks , Anti-Money Laundering (AML)

The Cost of Cybersecurity in Digital Payments Space

Dharshan Shanthamurthy on Security, Compliance and Growth in Digital Payments
Dharshan Shanthamurthy, CEO at SISA

The digital payment landscape is undergoing transformative growth, with cybersecurity at its core. Dharshan Shanthamurthy, CEO at SISA, discussed the urgency of addressing cybersecurity in an industry that is not only lucrative for businesses but also for motivated criminal gangs.

See Also: Strengthening Microsoft 365 with Human-centric Security

Shanthamurthy shared the three main concerns unique to the digital payment industry: price targets, high compliance standards and high business growth. With the digital payments space expanding, companies need to strike a critical balance between compliance, security and business acceleration.

"Compared to an account on social media, which costs roughly about two and a half cents per account, the payment data is about 1,000 times more expensive, or more rewarding, for the intruder," he said. "NIST's five groups of security controls are recommended: identify, protect, detect, respond and recover." Modern security platforms and services, such as extended detection and response, enable earlier detection, improved investigation, and faster response times, he said.

In this video interview with Information Security Media Group at RSA Conference 2024, Shanthamurthy also discussed:

  • Unique cybersecurity trends in the digital payments space;
  • How managed XDR can help address some of the concerns in digital payments security;
  • How SISA can help respond to security challenges in digital payments industry.

As the founder and CEO of SISA, a global cybersecurity company, Shanthamurthy leads a team of specialists who protect digital payments from cybercriminals. With over 20 years of experience in the field, he has expertise in threats, risks and solutions that affect the payment industry and its stakeholders. Learn more about SISA's presence at RSA Conference, click here.

About the Author

Anna Delaney

Anna Delaney

Director, Productions, ISMG

An experienced broadcast journalist, Delaney conducts interviews with senior cybersecurity leaders around the world. Previously, she was editor-in-chief of the website for The European Information Security Summit, or TEISS. Earlier, she worked at Levant TV and Resonance FM and served as a researcher at the BBC and ITV in their documentary and factual TV departments.

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