Electronic payment and the growing importance of Cybersecurity

As I said in one of the last blog posts, I see electronic payments as much more convenient, cheaper, faster and more up-to-date than paying with cash.

Regulation and controllability in the positive sense, bring the greatest advantage and many more. Money is a resource. Whether it is now used for the good of society or negative to promote criminal activities, is currently not fully comprehensible through the cash. Without cash, the criminal potential will fall seriously. Of course, this does not just sink by simply doing everything electronically. Centralization, the fact that enormous amounts of data are stored at specific junctions and managed only by a few, is a new risk that is being exacerbated by digitization at first sight. As always, when new paths are taken, appropriate regulations are absolutely necessary. The best example is the invention of the automobile. For the first automobiles were already driving, although there were no traffic lights, no
driver’s licenses or street signs.

Similarly, we will be able to observe it with the digital means of payment and must not forget: any change is a process!

In the future cybersecurity will play a decisive role!”

That’s why the cybersecurity industry has grown so much, because in many ways, in a world where most communication takes place online, the digital space, in addition to the physical one, becomes another territory to protect. Governments in particular spend billions in the meantime for the security of their data. But even the citizens know that their sensitive data should be handled carefully.

How can I make my accounts safer as a private person?

In addition to the allocation of secure passwords, i.a. Through password generators, many login methods provide two-way authentication capability. Especially exciting are KYCs (= know your customer, translated: know your customers) as the safest option. For certain areas, this process of legitimization represents the legal minimum standard. These regulations are intended to prevent dummy companies and to avoid money laundering.

Conclusion Maxim Bederov

As you can see, it is not difficult to keep up with the times. And in no case can we forget that we have no other choice. Thus, I continue to educate myself in every promising technology and recommend everyone to do the same.