Building more resilient and secure small businesses is crucial in enabling them to thrive in today’s challenging economic times, says Worldpay whose payment and encryption services are becoming increasingly popular.
Impact for Customers
- For Worldpay’s 300,000 small business customers in the UK, compliance is easier.
- Merchants get increased trust from their customers.
Impacts for Worldpay
- For Worldpay, the benefits are twofold: the more secure and resilient their customers,the more they are able to trade and use its services.
- More resilient customers also reduce security issues like malware, fraud and hacking attempts that Worldpay has to deal with.
Whether its cash flow, lack of core expertise or the increasing threat of cyber attack, security and resilience for small and medium-sized enterprises (SMEs) isn’t easy. Just the sheer complexity and volume of issues - and potential solutions – can be difficult for people to get their heads around.
But it is necessary; these companies make up a huge and important part of the UK economy, and trading in a secure and resilient manner is critical to making UK commerce function. Around 99 per cent of all of Britain’s businesses are classified as ‘small’ or ‘medium’ and their collective turnover amounts to a whopping 47% of the private sector’s overall revenues.
With extensive security and payments expertise, Worldpay has recognised how much impact it can have on the security and resilience of its SME customers – far more so than they could achieve on their own. This not only benefits these SMEs, but also society and the wider economy, it says.
Cyber and security resilience
So, rather than security and resilience being something Worldpay has to do, it’s become a core part of the customer offering. In fact, Worldpay Enterprise Security has recently created a dedicated function within the business – known as Innovations and Strategy – “to focus on how security can best become ‘part of what Worldpay does’,” says Angela Woodward, Worldpay UK’s PR and communications manager.
Assessing and providing security services for SME customers – from small high street stores to online-only businesses – is a key responsibility of this new function. That includes simple things like reselling host protection solutions at a discount through to offering authentication and encryption capabilities with API.
Supporting customers’ compliance to PCI-DSS (that’s the Payment Card Industry Data Security Standard) might not sound directly related to resilience, but it can dramatically reduce the likelihood of them suffering a security breach. After all, the PCI-DSS council is very proud of the fact no genuinely compliant business has ever been breached. In light of this, the company offers customers advice and guidance to ramp up their cyber and security resilience.
Compliance requirements reduced
Customers can also reduce their compliance requirements by having Worldpay host their payment pages for them, with payment details processed on their behalf.
“We have also put a lot of work into ensuring we understand the business and communicate security effectively to all levels, in language that relates to their concerns and goals,” adds Woodward.
The firm’s encryption solution encrypts payment details from the terminal all the way to Worldpay systems – so even if a breach occurs, payment details stay secure and protected, as they are never available to the merchant. This makes the customer less of a target as criminals won’t be able to steal any card data, and again, reduces customers’ compliance requirements so they save on effort as well as being better protected.
Exciting mobile payment solutions in the pipeline will also be a simple and inexpensive resilience fix should customers have IT or connectivity issues. Many customers already use the hosted payment page solutions – over 25,000, in fact – and the encryption solution. These are highly scalable and available, helping more customers improve their security and resilience.