Did you know that 1,054 breaches occurred last year in the U.S. alone, costing the average company $5.4 million dollars*?
Not only that, according to the Online Trust Alliance, 89% of the breaches analyzed could have been avoided with basic controls and best practices.
With data security breaches continuing to rise, it’s important to ensure you are taking the proper steps to protect your data. Here are a few best practices you can do to reduce security risks for your business as well as your customers:
- Education: It’s key that not only your employees, but your customers understand the current threats, exposure and risks so that they can be prepared to take precaution. By providing resources and education about the severity of a data breach, your employees and customers can monitor for habits that may cause risk.
- PCI Compliance: A recent study shows that merchants who do not achieve PCI compliance are twice as likely to experience a data breach. That being said, it’s crucial to stress the importance of PCI compliance. Make sure you are achieving full PCI compliance and review your SAQ or ROC.
- Security Tools: What types of tools are in place to defend against a data breach? Be sure anti-virus and anti-malware tools are being utilized and are up-to-date. Not only that, it’s important that you take advantage of tokenization, encryption and EMV products for all POS devices.
It takes an average of 253 days for a company to realize it’s been breached. Take the precautions necessary with solutions from Paymetric.
*Source: The Strawhecker Group
In recent years, the SaaS model has flourished due to the many benefits it offers to merchants of all sizes and types.
But what is driving merchants to take advantage of SaaS solutions? To name a few, lower initial costs, painless upgrades and seamless integration.
Today, with pre-integrated SaaS solutions, businesses can quickly and affordably integrate payments into their ERP systems and at the same time completely remove cardholder data from their system. This makes PCI compliance a cinch and licensing fees a thing of the past. By eliminating the storage sensitive cardholder data through a SaaS tokenization solution, merchants can realize a multitude of financial, operational and security advantages over traditional enterprise encryption solutions.
Here are the top 10 benefits of deploying tokenization via a SaaS model:
- No need to worry about updates or upgrades (the credit card associations make at least two automatic updates per year)
- No costly maintenance; it’s all taken care of offsite
- No capital expenditures for licenses, hardware and servers (just a small monthly fee to process transactions)
- Lower total cost of ownership of payment acceptance
- Quick upstart, less time to deploy the solution vs. doing it in-house
- Reduction of downtime costs—if something goes wrong, the solution provider remedies the situation immediately
- Reduction of support costs
- Scalable solution, particularly when opening new sources of revenue through call centers, web stores and new geographies
- The opportunity to offer customers top-level card security by removing cardholder data from their systems entirely, utilizing tokenization technology
- Protection of the company’s brand by mitigating the risk of a data breach