Iberpay News
Services
September 25 2024
Operational resilience at Iberpay and the relevance of payment systems in the economy: Navigating new challenges in critical environments
Among the top ten words that define Iberpay's Mission is the concept of "Resilience". Originally a physics term used to describe a material's ability to return to its original state after a disturbance, it has since been extended to describe an organization's capacity to withstand crises and continue delivering services.
At Iberpay, resilience is deeply embedded in our DNA, our purpose and values. For a payment infrastructure aiming to lead in technology and efficiency, ensuring the continuity and security of financial transactions at all times is essential.
As a critical financial infrastructure and operator of essential services under Spanish regulation, resilience is not just a strategy, but a commitment and obligation for the company to ensure the stability of the sector.
The concept of "Resilience" is extensively addressed in the Digital Operational Resilience Regulation (DORA), which defines it as ‘the ability of a financial institution to build, secure, and review its operational integrity and reliability.’ Resilience involves not only resisting and overcoming incidents but also anticipating risks and preparing effective responses through the implementation of preventive, detective, and recovery measures.
Iberpay's values highlight anticipation and resilience: anticipating, managing, resisting, overcoming, recovering, learning, and growing in the face of adversity. This holistic approach to resilience is essential for effective risk management and ensuring business continuity.
Iberpay's strategy includes threat identification, continuous staff training, and investment in advanced technology, among other measures. For us, resilience is not just a legal obligation and a fundamental necessity but also a competitive advantage.
Operational resilience faces numerous challenges, particularly in a hyper-connected and rapidly evolving world. Some of the key challenges include:
The threats that can impact a payment system are varied and complex. Whilst early legislation primarily focused on promoting resilience to physical threats such as fires, floods, or acts of terrorism, regulation has since evolved to address digital infrastructure and the associated cyber risks.
Resilience is designed not only to handle a single type of disaster but to address multiple scenarios, including technological failures, IT system outages, cyber-attacks, and delays in the delivery of essential products or services.
For Iberpay, which operates a 24/7 real-time service with high transaction volumes, having a highly resilient system is essential.
We live in a society that demands constant availability across all channels, pushing companies to manage demand spikes without compromising normal transactions.
Businesses must anticipate market demands and be prepared for any eventuality that could impact business continuity. Iberpay is actively preparing for the large-scale shift from batch payments to instant and 24x7 payments, collaborating with customers and suppliers to ensure system resilience in the face of this imminent transition.
The geopolitical context also plays a significant role in identifying risks and emerging threats. Understanding the environment is crucial for maintaining resilience against events such as direct and indirect cyber-attacks.
Operational resilience must evolve over time. It is not a static concept, but a dynamic one that requires constant updating. For this reason, Iberpay has adopted a strategy based on anticipation, prevention, response and recovery, and continuous improvement:
In a world where financial stability is more critical than ever, Iberpay continues to lead the way towards a more secure and reliable—ultimately, resilient—payments infrastructure. Our commitment to resilience not only protects our business but also strengthens the entire financial ecosystem. Every transaction counts, and every challenge is an opportunity to grow stronger.
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