According to a 2017 Data Breach Report, retail and hospitality experienced over half of recorded data breaches. Out of 870 total breaches, almost 500 (55%) are merchants in these major industries. Stolen data includes credit and debit card numbers, passwords, social security numbers and other data whose privacy is critical to both businesses and their customers. Fortunately, retail and hospitality merchants who employ 3 technologies can dramatically reduce the damage caused by a data breach. Data needs to be protected through the entire transaction process: transmittal, processing, and storage. These have corresponding technologies commonly referred to as the “payment security trifecta:”
- Card Authentication: EMV
- Secure Storage: Tokenization
- Immediate Encryption: P2PE
All of these technologies for payment security require proper implementation and frequent maintenance to stay ahead of cyber criminals. From enterprise class hospitality to small businesses, no one is immune to the increasing threat of data breaches. A breach doesn’t mean, though, that data can’t be kept secure. Having layered security technologies implemented from the beginning and fully-managed throughout transactions day-to-day can make the difference between a costly, damaging public nightmare and a simple close call. Securing this data from the increasing trend of hackers’ target industries requires more than minimum requirements for Payment Card Industry (PCI) compliance and can’t be guaranteed by simply adding chips to cards.