Editor’s Note: This blog entry was originally published on April 26, 2017, and was updated on April 22, 2020.
Security exposure is a common fear for independent software vendors involved in the payments industry. No one wants their company to be the next data breach headline. The good news is, there are steps you can take to protect your software solution. Our infographic below sheds some light on data breaches and solutions to help you prevent them.
Data Breaches and Security Exposures
Because of the complex nature of payment transactions, data breaches can occur at several different points throughout the payment process.
- 70% of attacks target point-of-sale systems.
- In 63% of breaches, credit card magnetic stripe information is targeted.
Data breaches can have catastrophic effects on a company - both of the financial variety and also in the area of losing their customers’ trust.
- Of 1,000 breached records, losses are forecasted between $52,000 and $87,000.
- On average, it takes a business 86 days to detect a breach.
- 81% of businesses don’t detect the breach themselves; their customers do.
Time Isn’t On Your Side
With technology continually evolving, data breaches and security exposures can occur in the blink of an eye.
- In 38% of cases, it took attackers just seconds to compromise systems.
- In more than 28% of cases, it took attackers just minutes to exfiltrate data.
Stop the Clock with Global Payments Integrated's Security Solutions
To keep payment data safe, Global Payments Integrated recommends a multi-pronged payment security solution involving EMV, encryption, tokenization, and more.
EdgeShield, our advanced security services bundle, is intended to protect credit card data, prevent counterfeit fraud, and enhance payments security. Through a unique collection of complementary security solutions, EdgeShield delivers one of the industry’s most secure payments platforms while enabling developers and merchants for EMV. When integrated into systems that accept payments, the bundle protects credit card data while at rest and in transit.
EMV technology protects card issuers, merchants and consumers from losses due to the use of counterfeit and stolen payment cards at the point-of-sale. EMV cards ("smart cards") are embedded with a chip that interacts with a merchant’s point-of-sale device, ensuring the card is authentic and belongs to the user.
Our proprietary encryption is designed to render cardholder data unreadable, encrypted at the device. Merchants are unable to view card numbers after the swipe or hand-key.
In tokenization, cardholder data is replaced by digital "tokens." Sensitive data is stored in the secure Global Payments Integrated token vault rather than in the merchant environment.
EdgeShield includes the PCI ASSURE program to help your customers understand and simplify PCI compliance with online access to self-assessment questionnaires, network scans, a breach reimbursement program, and custom security profiles generated from the business’ processing activity. PCI ASSURE delivers a simplified path to compliance, eliminating required vulnerability scans and reducing the required SAQ questions to 24. We understand PCI complexity, so you don’t have to.
The thought of a data breach can be scary, but taking the proper precautions today can help prevent a lot of headaches tomorrow. Contact us today to learn more about how our security solutions can help.