Page 119 - Cyber Defense eMagazine December 2022 Edition

The Importance To Provide Buyers And Sellers Secure,

Convenient, And Frictionless Payment Experiences
By Héctor Guillermo Martínez, President GM Sectec

The COVID-19 pandemic accelerated the adoption of digital payments globally and especially in Latin
America and the Caribbean, as buyers and sellers continue to expand their use of contactless, on-line
and remote payment capabilities. The use of the Internet is increasingly present in people's daily lives
and financial institutions are exposed to constant security threat vectors. This situation has led to an
increase in the number of cyber-attacks and the need to reinforce the security of transactions made
through digital channels. Every 11 seconds, a successful cyber or ransomware attack occurs, while for
organizations the average cost per cyber-attack can reach $13 million.

It is interesting to see that companies are open to expand various forms of payment capabilities, and one
example is presented by the 6th edition of Visa’s Global Back to Business study that finds that 73% of
small businesses surveyed said accepting new forms of digital payments is fundamental to growth in
2022. 59% of small businesses surveyed said they already are, or plan to, only use digital payments
within the next two years – largely in step with 41% of consumers surveyed who said the same. 90% of
small businesses surveyed with an online presence said they attributed pandemic survival to increased
efforts to sell online.

These figures show the importance of companies implementing an effective cybersecurity strategy that
allows them to continue to grow, while offering secure shopping experiences to their customers. The

Cyber Defense eMagazine – December 2022 Edition 119
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