# Exploring the Evolution of Mobile Payment Technologies
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-10-13
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: The Evolution of Mobile Payment Technologies
Meta Description: From SMS to NFC technology, dive into the fascinating journey of mobile payments. Learn about mobile wallets, cryptocurrencies, and the future trends shaping
URL: https://financedigest.com/exploring-the-evolution-of-mobile-payment-technologieshtml

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_By **Steve Hennessy**, Head of Cyber at Babble Cloud_

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Cyber-attacks don’t just happen to large corporations. Any business can fall foul of cyber-crime, but the best way to protect your business against attack is to be prepared. Here’s the heads-up on some of the biggest [cyber threats](https://www.financedigest.com/using-threat-intelligence-to-minimise-cyber-insurance-risks.html "Using Threat Intelligence to Minimise Cyber Insurance Risks") to look out for so far this year and how to prevent them.

**There is no ‘one size fits all’ when it comes to security**

Think about house security. We all have locks on our doors, but how about gated entry, an alarm system, window bars or a video doorbell? We all use varying degrees of security to protect ourselves depending on our perceived level of risk. The same methodology should be used when considering cybersecurity. A [business with thousands of employees accessing data](https://www.financedigest.com/finalised-pan-european-data-protection-laws-set-the-new-standard-for-a-privacy-friendly-business-environment.html "Finalised Pan-European data protection laws set the new standard for a ‘privacy-friendly’ business environment") via different devices will have completely different risks to those of one person using a private laptop to access basic documents.

When it comes to cybersecurity, there are several different combinations of technology and techniques you can use to protect your [organisation’s data](https://www.financedigest.com/auditing-in-cyber-how-organisations-can-keep-track-of-their-data.html "AUDITING IN CYBER: HOW ORGANISATIONS CAN KEEP TRACK OF THEIR DATA"). The problem for most [businesses is discovering where best to focus](https://www.financedigest.com/which-kpis-should-a-budding-business-focus-on-for-sustained-growth.html "Which KPIs should a budding business focus on for sustained growth?") their spend. Working with specialist partners, such as Babble, simplifies the process, offering expert [business insight into the cybersecurity solutions you ought to consider](https://www.financedigest.com/7-factors-to-consider-before-your-business-moves-to-a-subscription-model.html "7 Factors to Consider Before Your Business Moves to a Subscription Model").

A cybersecurity specialist will help your business put up the best defence against attacks. This includes physical protection, [technological implementation and improving business](https://www.financedigest.com/technology-is-a-tonic-for-late-business-payments.html "TECHNOLOGY IS A TONIC FOR LATE BUSINESS PAYMENTS") processes through user awareness training and education programmes.

**Protect your business by protecting your users**

Your end users will either be your business’ best line of defence or your biggest vulnerability. Most [cyber threats](https://www.financedigest.com/5-ways-to-protect-your-company-from-cyber-security-threats.html "5 Ways to Protect Your Company From Cyber Security Threats") stem from users: your employees and your customers. It’s important to make them aware of their own responsibilities.

Delivering cyber training is not a tick box exercise. Incorporating it into an induction programme or a lunch-and-learn session simply isn’t going to have a lasting [impact and instead leaders must provide regular training to ensure employees](https://www.financedigest.com/3-impactful-ways-that-leaders-can-contribute-to-the-independent-development-of-their-employees.html "3 Impactful Ways that Leaders Can Contribute to the Independent Development of Their Employees") know the role they play in protecting the business.

[**Trust your people, trust your tech**](https://www.financedigest.com/how-can-banks-overcome-the-tech-trust-gap.html "How can banks overcome the tech trust gap?")

Most organisations try to nurture a company culture built on trust and respect. However, procedures should be in place to ensure sensitive data doesn’t get shared externally by those classed as ‘malicious insiders’.

Investing in strong cyber technology and having a clear understanding of where your data is kept and how it can be accessed, are some of the best [ways to prevent malicious insiders being able to impact your business](https://www.financedigest.com/top-5-ways-businesses-can-save-on-energy-costs-in-q4.html "Top 5 Ways Businesses Can Save on Energy Costs in Q4").

**Don’t play a blame game**

We’ve seen it too many times. A cyber-attack occurs; two parties are impacted and neither wants to take responsibility. Cyber-attacks are complex and in most cases there isn’t a clear point of fault. Yet scenarios like this damage relationships and can lead to [business partnership](https://www.financedigest.com/types-of-business-partnership.html "Types of business partnership") breakdowns. The best way to avoid this is to ensure your own cyber strategy game is stronger than ever.

**Invest in the right technology**

Most businesses will [invest in varying levels of cybersecurity](https://www.financedigest.com/large-investment-success-for-basingstoke-cybersecurity-start-up.html "Large investment success for Basingstoke cybersecurity start-up") technology. It’s integral to any business resilience plan. However, there are ways to go above and beyond to ensure your tech blocks potential cyber-attacks.

Multi-factor authentication, for example, is a great [safety net](https://www.financedigest.com/ecb-weighs-bigger-rate-hike-with-safety-net-for-indebted-countries.html "ECB weighs bigger rate hike with safety net for indebted countries") for employees. It only allows access once the user presents two or more pieces of evidence to show they are who they say they are (such as a code sent to their mobile phone or a second email address). If an employee accidentally clicked on a harmful link and an attacker gained access to their log-in details, multi-factor authentication would [prevent the attacker from being able to actually gain access to any data](https://www.financedigest.com/5-simple-ways-to-prevent-a-data-breach-from-putting-your-accountancy-practice-out-of-business.html "5 Simple ways to prevent a data breach from putting your accountancy practice out of business").

Technology is also available that will scan links automatically, blocking illegitimate users from gaining access to a harmful site. This extra layer of security will help catch sneaky attempts to hack into your system.

**Understand where your data is being kept**

You should know where your data is kept, how it’s being secured and who can access it. Every device within the organisation should be able to be identified, with data backed up off-site. Understanding this infrastructure will help you identify potential weak spots and put measures in place to prevent attack.

Cloud-based systems are much safer as your [business’ data](https://www.financedigest.com/keeping-data-connected-for-greater-business-value.html "Keeping Data Connected for Greater Business Value") is kept securely. [Cloud technology](https://www.financedigest.com/7-ways-cloud-technology-can-transform-business-finances.html "7 ways cloud technology can transform business finances") brings with it built-in robust security features, so you can rest assured your data is being looked after safely.

**The aftermath of COVID-19**

Security limitations have suddenly got wider as more and more employees [work remotely](https://www.financedigest.com/shoring-up-cyber-defences-in-the-remote-working-era.html "Shoring up cyber defences in the remote working era"). Instead of managing workers in a small range of satellite offices, [businesses have employees working in hundreds](https://www.financedigest.com/the-maserati-100-one-hundred-business-disruptors-challenging-the-establishment.html " ‘The Maserati 100’ One Hundred Business Disruptors Challenging The Establishment") of different settings.

Are employees using shared WiFi? Are they working from their own devices? Agile working revolves around enabling employees to work effectively from anywhere. This includes working safely from different locations, with no additional risk of a cyber-attack.

Your organisation has probably made tech decisions based on an office working structure, not anticipating a sudden and widespread shift towards home working. As businesses prepare their return-to-work plans, will your cybersecurity fit the bill? Organisations should review and renew their tech stack with urgency.

Ultimately, if your work environment looks the same as it did twelve months ago, something has gone wrong. Short-term solutions should be reviewed with a long-term goal in mind.

**Cyber-crime is** [big business](https://www.financedigest.com/smishing-is-a-new-virus-plaguing-big-business-conversational-commerce-to-the-rescue.html "‘Smishing’ is a new ‘virus’ plaguing big business – Conversational Commerce to the rescue!")

[Organisations are spending more than ever to protect](https://www.financedigest.com/protect-your-organisation-from-fraud.html "Protect your organisation from fraud") themselves against cyber-attacks. But the costs of a breach are rising too and a significant data breach could cost your [business money](https://www.financedigest.com/how-to-save-money-on-business-tripsabroad.html "How to save money on business trips abroad") and damage your reputation.

Following a [data breach](https://www.financedigest.com/10-steps-to-stop-lateral-movement-in-data-breaches.html "10 Steps to Stop Lateral Movement in Data Breaches"), criminals will often attempt to sell personal information on the dark web. Some credit companies, such as Experian, now offer [dark web monitoring](https://www.experian.com/consumer-products/free-dark-web-email-scan.html), helping you to find out if personal information has been compromised. This enables you to take additional steps to [prevent fraud](https://www.financedigest.com/payroll-fraud-and-how-to-prevent-it.html "Payroll fraud and how to prevent it"), protect your finances and ensure your identity is kept safe.

**Consider Cyber Essentials certification**

Cyber Essentials is a Government backed scheme that offers advice on how to protect your [business against common](https://www.financedigest.com/5-common-tax-mistakes-small-businesses-make-in-australia.html "5 Common Tax Mistakes Small Businesses Make in Australia") cyber-attacks. It will certify either by self-assessment or hands-on technical verification that your business has put necessary protections in place. Babble’s cyber experts can guide you through the process and help you get certified. This will enhance customer trust and potentially attract new business, as certification is proof that you’re taking [data protection](https://www.financedigest.com/4-steps-you-should-be-taking-to-protect-data.html "4 Steps You Should Be Taking To Protect Data") and cybersecurity seriously.

**Partner with cyber experts to support your people**

Make [sure your team knows who to turn to for advice should they need](https://www.financedigest.com/need-additional-funding-but-not-sure-how-to-go-about-it.html "Need additional funding but not sure how to go about it?") it. From an in-house team of IT experts through to outsourced cybersecurity specialists, your team should have access to professionals who can help answer specific queries or help to identify cybersecurity-related issues.

[Businesses must recognise the importance of executive management](https://www.financedigest.com/four-reasons-whycloud-based-inventory-management-is-important-for-your-ecommerce-business.html "Four reasons whycloud-based inventory management is important for your ecommerce business") engagement in cyber-related policies. Boosting cyber resilience can often rely on securing buy-in from [business leaders and releasing the budget](https://www.financedigest.com/how-to-budget-for-legal-fees-in-your-business.html "How to Budget for Legal Fees in Your Business") to enhance cybersecurity. Leaders [must step up now and realise cybersecurity](https://www.financedigest.com/why-the-industry-must-simplify-cybersecurity.html "WHY THE INDUSTRY MUST SIMPLIFY CYBERSECURITY") is not optional: it’s essential.


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