Posted on September 12, 2017 by Admin
It’s a world of online convenience we’ve grown to love. But with that ease comes a hefty price to pay. Shopping, banking, travel, and other e-commerce gives data hackers the opportunities of a lifetime. The Identity Theft Resource Center reports a 35% increase in identity theft over just this past year. Companies both gigantic and small face omnipresent data security threats as part of the price of doing business online. Just how to best protect themselves and their customers is a difficult question leaving many needing answers.
While businesses scramble to clean up after data breaches, the difficult question becomes how to prevent them to begin with. Hackers always seem to be a step ahead, leaving countless victims in their path and businesses clamoring to restore more than just consumer confidence. Large companies find ways to bounce back from hacks, but small business and mom-and-pop shops may face a life or death scenario. The National Cyber Security Alliance reports that within six months of a data breach, 60% of small companies close their doors. With reputations, survival and immense financial damage at risk, embracing data loss preventive measures may currently be the only key to online merchant success.
Current options involve up-to-date security assessments as an invaluable place to start. How a process was created offers valuable information for potential cyber weakness. The PCI (Payment Card Industry) Council provides security standards on a global scale for account data protection. In their ongoing effort to thwart data theft in commerce, the PCI Council recommends actions online merchants can take to safely process payment for their customers.
Incident response protocols are crucial. Having a plan to counter data breaches as quickly as possible greatly minimizes damage to a business and its customers.
Tokenization for financial information processing replaces actual credit card and banking data. Tokens won’t stop a hack attack, but much of the stolen information is worthless to cyber thieves.
Point-to-Point Encryption (P2PE) insures instant, heavily armored encryption from the very start of a payment transaction. It involves a data processing network to decrypt credit card numbers for payment transactions. Merchants can no longer store the valuable information, greatly reducing the damage of a cyber hack. Any data cyberthieves intercept for online purchases is rendered useless.