Established in 1989, IT security company Sysnet Global Solutions Ltd. offers products and services of high relevance to payment professionals, including Payment Card Industry (PCI) Data Security Standard (DSS) compliance and merchant intelligence solutions. Living up to its name, it currently serves clients in more than 57 countries worldwide from its Dublin, Ireland, headquarters and through offices in the United States, United Kingdom, Poland, India and South Africa.
Gabriel Moynagh, Chief Executive Officer of Sysnet said that merchants who comply with the PCI DSS not only benefit by reducing the risk of costly data breaches, but they also gain by not having to pay monthly noncompliance fees.
"The financial incentive for a merchant to become compliant with PCI is that when they don't do anything, there is a good chance their ISO or financial institution is charging them noncompliance fees for not being PCI compliant," Moynagh said. "What has happened over the years is a very large percentage of small businesses are getting levied noncompliance fees, which is a huge source of revenue for financial institutions."
Additionally, Moynagh noted that after a network intrusion that exposes payment card data and other sensitive information, the fines and fees levied upon noncompliant merchants, ISOs and payment processors can cause them to go out of business. Those that survive typically suffer significant and costly reputational damage, as well.
The Sysnet suite of services encompasses a range of products for ISOs, payment processors and merchants. The company prides itself on its comprehensive cybersecurity and IT resources backed by customer-focused support from expert, in-house staff ‒ all at what Sysnet considers to be a fair price.
Sysnet's ComplianceMaker product is focused on helping payment service providers secure their IT systems enterprise-wide. The company's set of security solutions are customizable and include a white-labeled web portal that helps ISOs manage compliance and merchant intelligence solutions while maintaining the look and brand of the ISO itself. Typically, the launch of such a white-labeled site takes only two weeks, the company noted.
In addition, Sysnet offers ISOs a flexible service platform with Sysnet.air, which enables the ISO's merchant customers to go to a dedicated website to download anti-virus software, access data protection insurance, and access security tools.
For the less technical, Sysnet provides Proactive Data Security, a managed security solution that does all the heavy lifting for ISOs and their merchants so they don't have to manage IT compliance by themselves, the company stated.
"The PCI DSS requires customers to have security controls in place with preferred security tools," Moynagh said. "It can be quite daunting to someone who isn't technical. When a merchant calls Sysnet and chooses to take the managed security solution, the customer is getting handheld through the PCI experience, getting all of the security tools they need to stop a breach. I think when a merchant is using our Proactive Data Security they feel like they have a good level of cybersecurity protection for a reasonable price. They are doing all they can without spending a fortune. When you do this, then the customer has a more enjoyable experience, and the customer is less likely to leave you."
Sysnet Global Solutions is focused on continuing to devise ways to help ISOs and merchants gain more control of their compliance processes and put more money back into their businesses. In contemplating the future of the payments industry from a PCI perspective, Moynagh said Sysnet's managed security service offers a viable solution for ISOs that will eliminate a noncompliance revenue stream and replace it with something that will add value. "Our mission statement is we want to stop breaches for our customers, improve cybersecurity in small business and do great customer support," Moynagh said.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.