Paysafe’s response to Russia’s invasion of Ukraine
Like most of the world, we have been deeply shocked and saddened by the unprovoked Russian invasion of Ukraine and the growing humanitarian crisis that it has triggered. In light of this crisis, we are driving various humanitarian efforts to help those affected including donating to the Red Cross’ Ukrainian appeal and inviting colleagues to top up our donation. Alongside this, we are very proud of the monumental efforts our local teams are making to organise philanthropic activities and volunteering to get much needed provisions to Ukrainian refugees as well as those people still living in the war zone. There is also an option to make donations to the Ukrainian Government in cryptocurrency via our digital wallet, and we are exploring further ways to work with our partners to leverage our payments capabilities and get much needed donations to Ukrainians. We will continue to seek supplementary ways we can help.
In addition to playing a small role to lessen the plight of Ukrainians, our business has responded to the crisis as follows:
Looking after our people
When the invasion first started, our immediate priority was to support and provide any assistance we could to the very small number of Paysafe employees and contractors we had working in the region to ensure they and their families were safe; we have also offered our full support to the Ukrainian relatives of other Paysafe team members around the world. We continue to keep in close contact with this group and will provide whatever relief and assistance we can.
Compliance with sanctions and impact on Paysafe services:
Paysafe takes its regulatory and compliance obligations very seriously and will not do business with any individual or entity that has been put onto a sanctions list. We have been monitoring developments concerning sanctions relating to Russia and Ukraine very closely and put measures in place to make sure those sanctions are applied to our services. We also work with world-leading service providers to ensure that our customer screening is continuously updated, monitored and stress-tested. We continue to monitor for any changes and adapt our policies and procedures accordingly.
From an InfoSec perspective, it has been well documented that malicious cyber activity has escalated demonstrably following the invasion and we have responded by significantly heightening our monitoring of these activities, and implementing additional, preventative measures to ensure our network, services, and our customers’ data remains protected. We are continuously monitoring and applying security updates as a priority to ensure ongoing resilience against spill-over attacks, using insight into known cyber-attack methods to build detections and protection measures for malicious activity, and ensuring that our security tools are up to date with the latest cyber-attack information available to protect our assets.
As the conflict continues, we will keep working closely with our third-party security providers, government agencies and partners around the world to always ensure the stability and integrity of our systems.
Alongside this, our crisis response team, which represents all key functions and areas of the business, is meeting regularly to ensure we are on top of the latest developments, and that we are holding ourselves accountable for standing in support of Ukraine and its people, as well as ensuring our ongoing operational resilience.