In our interconnected world, with the stakes higher than ever, the importance of cybersecurity cannot be overlooked. A single lapse in judgment or miscalculated precaution can lead to the loss of both customer and shareholder trust, tarnished reputations, and substantial sums of money overnight.
As cross-border payments and internet retail operations have grown both in popularity as well as dominance, so too have the risks associated with online interactions. As such, cybersecurity must be a top priority for businesses engaged in global transactions and online retail.
Unpacking the Risks in Cross-Border Payments
Cross-border payments are not only essential for global trade but are now a staple of everyday life for millions of remote workers, e-commerce platforms, and unbanked individuals in developing countries. With the prevalence of cross-border payments, data security has come under sharp review. Hackers often target international transactions due to multiple points of vulnerability between banks, payment processors, and digital platforms.
Toine Rodenburg, the founder of MyMalls, a cross-border retail company, has dealt with cross-border security issues for decades. But he says no matter how much experience he has, there is always a new risk to overcome.
“It’s not an area where you can be complacent,” says Rodenburg. “The guards you have up now will likely be obsolete soon if they aren’t already. It’s a well-established pattern that you have to heed.”
As a frequent investor in new tech ventures, Rodenburg often advocates for a proactive approach to cybersecurity. “It’s critical for new businesses if you have any hope of longevity.” He has overseen operations in the Caribbean, North America, and Europe, and each region has its own systems and dangers when it comes to digital payments.
Among the common dangers Rodenburg says to look out for are fileless malware, supply chain attacks, privacy breaches, password vulnerabilities, and security risks introduced as new products and services related to the Internet of Things (IoT).
“I think one of the more particularly insidious threats is the growing prevalence of fileless malware. This malware infiltrates systems without even requiring the user to download them, and in most cases, it leaves no trace, which means it can evade even the more advanced cybersecurity measures.”
For many regions, there are different standards of quality for security infrastructure, especially compared with the world’s top economies. There are thus many more weak points for retailers operating in those regions. Rodenburg’s company MyMalls specializes in premium shipping services to many such regions in the Caribbean and South America.
“One of the biggest promises we make to our retailers and our customers is ultra-secure data handling. We have to maintain the highest standards to build customer trust and keep our business strong. We do that with strong logistics networks and the best systems for protecting customer information.”
One of the easiest steps that everyone should take, Rodenburg says, is to do away with password-based access to sensitive information. “Implementing alternative verification methods such as two-step verification is crucial for having that extra layer of security. It should be standard procedure.”
Along with implementing cybersecurity measures in his own business, Rodenburg sees immense potential for entrepreneurial innovation in the space itself.
“I’ve always looked for the big problems, as a businessman. There are a few bigger problems than cybersecurity. Any tech that can counter it efficiently has a great chance for success.”
To stay ahead of threats, both cross-border payment processors and e-commerce platforms will need to keep adopting the most cutting-edge technologies to guarantee customer privacy and trust. Advances in encryption, secure payment gateways, and AI-driven threat detection are some examples of how e-commerce businesses can strengthen their defenses while still offering a seamless experience to customers.
“One of the more exciting areas for me is the ongoing utilization of AI for anomaly detection which can help companies spot unusual patterns that may indicate a cyber attack,” says Rodenburg.
As businesses continue to expand their global reach, implementing these kinds of cutting-edge cybersecurity measures will remain part of the cost of doing business. As Toine Rodenburg’s experience shows, when you prioritize robust security measures, you’re setting a foundation for long-term business success.
