Episode 25 | What happens when you experience a breach

PayFAQ: The Embedded Payments Podcast

No software company wants to experience a security breach. But they can happen in today’s digital world. That’s why managing risk goes hand-in-hand with having Embedded Payments as part of your software platform

In this episode of PayFAQ: The Embedded Payments Podcast, Jessica Kirkpatrick, Senior Director of Risk, Fraud, and Underwriting at Payrix shares how software companies can detect security comprises early, contain breaches if they occur, and help prevent them from happening in the first place.

Jessica draws from 18 years of experience in the payments industry, including 17 years in risk operations at PayPal. She tells our host Bob Butler that many companies don’t find out about security breaches until they hear from customers when the damage is done, such as they’re no longer receiving funds or seeing unrecognized activity on their software account. The impact can be costly for the merchant and the software company.

At that point, she emphasizes how important it is for companies to contain the breach and prevent further compromise and damage. Implementing measures like changing passwords, multifactor authentication, and conducting a thorough investigation are crucial steps to take immediately.

The biggest mistake is doing nothing or believing you’ve fully mitigated the attack. According to Jessica, if a fraudster detects vulnerability, they’ll come back and try again. She explains the very first thing to do to prevent future attacks is managing access to your software. Then, focus should be on training employees and merchants, developing a robust cyber-security policy, and other measures that together help prevent future breaches.

Have a listen and stay safe!