POS Security: Protecting Your Business from Cyber Threats

POS security is paramount for the safety and success of your business. Your POS processes payments daily and stores vast amounts of data about you and your customers. With this in mind, any POS system must include robust security measures to ensure the safety of this sensitive and extremely valuable information. Read this guide to POS cyber security to help you protect your business against data theft and loss.

POS security is a combination of security measures designed to protect your business against unauthorized access to electronic payment systems. It guards against access by individuals and organizations who are typically looking to steal financial data, such as credit card information, as well as any other useful personal information that may be stored on your system. POS security exists to create a safe and efficient environment for you and your customers can do business.

Your POS system faces several different types of cyber threats, including malware, ransomware, credit card data theft, and phishing.

Malware is software that is specifically designed to disrupt or damage your POS system, usually with the aim of gaining access to it and getting hold of the data it holds. Ransomware is a specialized type of malware which hackers use to get into your system and block your access to it. The hackers will then demand payment of a particular sum before they allow you to access your data again.

Skimming is a method that cybercriminals use to collect credit card or debit card data. It usually involves a barely detectable device attached to a credit card reader, which then gathers information from a card when it is swiped, inserted or tapped for a payment. This is usually only a risk if criminals gain access to your credit card readers – it would have to involve an internal security breach. However, there are other ways to collect card data. Cybercriminals could use malware or various hacking techniques to get into your system without having to sabotage your hardware first.

Phishing is a method that involves a seemingly innocent email, WhatsApp or social media post that tricks users into providing confidential information and inadvertently granting access to cybercriminals.

What does a POS system require to protect against all these hazards? While cybersecurity methods are shifting and developing all the time, the core elements currently include encryption, firewalls and tokenization. These methods are all implemented in line with the Payment Credit Card Data Security Standard (PCI DSS), an international standard designed to protect the data of credit card users.

Most modern POS systems automatically encrypt sensitive payment data. This encryption applies from the point of entry up until the information reaches the payment processor. Encryption ensures that information cannot be decoded and used in the event of a system breach. This is vital for the protection of credit card information.

The best way to protect your system from cybercrime is to create effective barriers that will keep cyber criminals out. The key to building these barriers is strong network security. POS developers build software into their systems that effectively acts as a wall against unauthorized entry. Known as firewalls, these virtual barriers stand between a trusted internal network and any untrusted external network.

Every transaction you perform on your system must be protected. Integrated POS systems and credit card processing hardware and software all have measures included to ensure that payments are secure. One of the most common methods for securing payments is tokenization. This process involves the replacement of sensitive payment information with a unique, random set of characters and numbers. This prevents cybercriminals from accessing financial information via the payment processing system.

In order to have a system that is secure and compliant with all PCI DSS requirements, POS developers and users need to take decisive measures that include:

As a POS system user, you and your business will need to implement a number of best practices in your daily operations. These include the following:

Outdated software makes your system vulnerable. Your vendor will provide you with software updates on a regular basis, as well as patching any existing problem areas. Your system can usually be set to download and install these updates automatically. If not, make a habit of checking for updates every week – and implementing them when necessary. The update procedure is usually very quick and easy and doesn’t require any effort on your side.

Make good use of the access and authentication measures built into your POS system. You can control which employees get to access the system – and which parts of the system they can get access to. Most importantly, you can protect the system against any unauthorized access.

Keep an eye on your POS and watch out for anything out of the ordinary. You will get to know your system very quickly, and will soon be able to spot when something strange or suspicious is going on.

Part of your employees’ POS training should include security and how to spot cyber threats. When you work with a vendor like Access2Pay, we will include this in our train-the-trainer material, which we provide when we install the system.

For enhanced security, look for a POS system that includes the following advanced features:

EDR solutions monitor and respond to threats on your POS devices. Having EDR software on your system helps you monitor suspicious activity, eliminate threats as they arise, respond quickly to prevent or limit damage, remove or isolate threats quickly, and actively hunt for potential security threats.

For an extra layer of protection on your POS system, implement MFA. This is a security protocol that requires users to provide multiple forms of verification to access their accounts. Cybercriminals may have access to one of the verification measures required, but they are unlikely to have both – or all three, depending on the protocols applied. This additional step serves as an effective barrier to unauthorized access.

AI can assess, sort and analyze data many, many times faster than you can. AI threat detection tools use powerful algorithms to sort through your system data and detect any anomalies that may indicate threats. These threats can then be eliminated long before they are able to do any serious damage. AI threat detection tools can be integrated into your POS system with ease.

When a cyber security threat is detected, it must be acted on quickly. With the right tools and support, you can eliminate most cyber threats relatively quickly.

Once a data breach is discovered, take the following steps to ameliorate the situation:

If the breach has resulted in any sensitive information being leaked, it is your responsibility to notify any affected customers so that they can take action to strengthen their own financial security. Do this as soon as possible and provide as much detail as you can. Tell them the date and time of the breach and let them know exactly what information has been compromised. Following the advice of your team, tell your customers what they must do to protect themselves.

Firstly, always remember to report the breach to the relevant authorities – this is required under the PCI DSS. Then, work alongside your POS vendor and security experts to determine what the system will need to prevent another breach.

POS security solutions are just as varied and numerous as POS solutions themselves. Here is what you need to look for when selecting a good cybersecurity system for your business.

Your POS security system will need:

Access2Pay is a complete POS solution with sophisticated security measures integrated into the system. Our payment solution provides end-to-end encryption, account and permission management, as well as many other security measures, along with ongoing 24/7 technical support. For more information on our solution and its POS security measures, contact Access2Pay today.