Why is it that business owners feel invincible to a data breach? Why is the feeling it will never happen to me so prevalent? Why don’t business owners take securing card holder more seriously? If I am honest, I find myself asking these questions too often.
Part of the problem is that we only hear of the large data breaches that affect the masses. The smaller breaches, affecting small businesses, go unnoticed by most. However, this does not diminish the need for business owners to protect their business and it all starts with understanding the options.
What is P2PE or Point-to-Point Encryption?
P2PE is a process under which cardholder data is removed from a company’s infrastructure at the point of interaction between the card and the system being used to process the card. The key is that at no time during the sales process is the cardholder data present.
Upon swipe or card data input, our solution replaces the sensitive information with a mathematically irreversible token, so that all is left on a business’s system is a unique code that has no value. To further protect the business, we simultaneously encrypt and store the information in our off-site vault. It is important to note that, unlike regular encryption, there is no key to unlock the information since the token is a random set of numbers.
P2PE + Tokenization Ensures
Data is protected with an ultimate level of security
Unsecured payment data never enters a business’s system
Reduced scope and financial burden of achieving PCS compliance
The Value of P2PE
In the most simplest terms, a system deploying Point-to-Point Encryption protects the viability of a business. Here are some general facts on the negative impacts a data breach can have on a business.
Cost of Recovery – Estimated to cost between $150-$200 for each record recovered
Fines – Card brands and states can issue fines
Brand Image – Loss of customers due to the loss of their information
The following is an example of the value of P2PE and securing cardholder data.
In a recent conversation with a perspective client, I asked if they heard of the breaches at Target, Home Depot and Equifax. Of course they answered yes. I then followed up with if they heard about the data breach at Adobe Systems, knowing the answer was going to be no, and it was.
So why does everyone know about the breaches at Target, Home Depot and Equifax? Because cardholder data was lost affecting millions of consumers and there was a huge cost of recovery, fines and loss of brand loyalty. And why doesn’t everyone know about the data breach at Adobe Systems? Because they employ the same P2PE technology we offer and no cardholder data was lost. Therefore, no cost of recovery, no fines and no loss of brand loyalty.
Your customers are the lifeline of your business. Utilizing our P2PE solution will protect your company by limiting risks and liability.
P2PE is a solution that is delivered by using the right system to process cards. At Clarity EPS, we offer P2PE via our retail credit card terminal and virtual terminal.
A very important added value to our P2PE solution is our ability to maximize the Scope of PCI. If you have ever tried to complete a PCI SAQ I am sure you have thought about pulling your hair out. Required by the card brands, the PCI SAQ is a testament to how your business handles cardholder data and if there are any vulnerabilities. Needless to say completing the 75-100 question SAQ is no easy task.
That all changes when you use our P2PE solution. Due to the fact that no cardholder data is stored on your system, our PCI SAQ is only 26 questions. Not only do we ensure the shorter SAQ, but we also help to reduce any cost associated with any outside company helping you to protect your system and cardholder data.
As cyber-attacks continue to exist and promises to only get more prevalent, it has never been more important for business owners to take the steps to protect their business.
About Clarity EPS
Clarity EPS is a leading provider of payment processing and technology solutions, working with businesses of all sizes helping them process payments in a more efficient, secure and affordable manner. We assist businesses in eliminating the guesswork regarding payment processing and provide clear, concise and understandable solutions. Our core values are rooted in honesty, fairness and transparency.
Please visit https://clarityeps.com for more information on our offerings.
Contact: (561) 338-4446 | firstname.lastname@example.org | Twitter: @clarityeps