Changes to internet security could have serious implications for UK businesses
Bacs has urged companies using payment schemes to make sure they have the right IT infrastructure in place to accommodate upcoming changes
Imminent internet security changes to the payments industry could see UK businesses unable to pay their suppliers and staff if they don’t act now, Bacs Payment Schemes (Bacs) has warned.
The warning comes on the back of the global introduction of the new level of internet security – SHA-256 SSL – which is replacing the current security algorithm used on most internet sites (SHA-1) and is currently being adopted by the like of Microsoft and Google as an improved means of protecting secure websites.
The introduction of this new algorithm coincides with Bacs’ withdrawal of support for older connection protocols – from June 13, Bacs will only support TLS 1.1 and 1.2 as a matter of security protection for its payment services and users.
These changes mean that any business that uses Bacs for payroll, to settle invoices, or to collect Direct Directs, will be affected and will need to have the right IT in place to support the changes beforehand.
Bacs has advised that companies will need to have a web browser, operating system, and a Bacs Approved Software Solution to accommodate the changes and companies that use the Payment Services Website will also need to upgrade their IT. Businesses will also need to check that their operating system and internet browser will work with the new security.
A failure to update relevant IT systems to make them SHA-256 SSL and TLS1.1/1.2 compliant by 13 June could have a detrimental impact on the ability for businesses to pay staff, pay suppliers, collect Direct Debit, and download important actionable reports.
For more details on these changes and how they will affect you, go to www.bacs.co.uk/SHA-2.