All too often we hear about a major data breach that leaves the personal information of thousands, even millions of consumers exposed and vulnerable. According to a report from the Identity Theft Resource Center, over 1,200 data breaches occurred in 2017, an increase of 10 percent from 2016.
With breaches on the rise year after year for large enterprises and software companies, it’s important to understand how to protect your business from data breaches and other cyber security threats. We’ll help explain more about PCI compliance, network security, and how understanding the important steps to take for preventing data breaches will help you pick the right payments partner.
There are some rules put in place by the credit card brands to help all businesses protect themselves against data crimes. Observing the PCI Data Security Standards (PCI DSS) is something any business accepting credit cards must do or they could face fines - or worse, a data breach. There are 12 main requirements detailed by the PCI Security Standards Council (SSC) here. This guide can be used by those that undergo an on-site assessment or use the Self-Assessment Questionnaire (SAQ-D).
Networks can be built with security in mind from the start, so it’s important to think about segmentation right off the bat. Segmenting your networks will keep them from talking to each other, so that if a criminal hacker is successful in getting access to one segment of your network, keeping it separate from other segments will help keep them protected. This will reduce your PCI audit scope.
Data doesn’t have to be stored forever. If you are collecting data that is no longer relevant to your day-to-day operations, there’s no need to continue collecting it. Checking to make sure you don’t have unnecessary data sitting on your networks is important. If you do, delete what you don’t need to reduce your risk of it getting stolen.
If you have any doubt about navigating PCI compliance, there are very skilled qualified security assessors (QSA) out there that can help you understand the complex and ever-changing protocols. These QSAs are trained by the PCI SSC to help conduct assessments on how to handle credit card data. They can help with even the most massive compliance requirements to ensure you stay protected.
Being proactive is key. That starts with finding a payments partner that provides high-quality security solutions. Choosing a payments partner that provides terminals, a gateway, and a mobile solution that protects data with point-to-point encryption (P2PE) will allow you to provide a software that ensures any restaurant, cafe, bar or vendor is processing at the point of sale with a reduced risk of impact from a data breach.
No, not all payment partners’ security solutions are the same. That’s because not all companies offer true PCI-validated P2PE. It’s vital that POS software companies understand the importance of using a solution that’s backed by the very institution that established the security standards for protection.
Another solution that’s recommended by the PCI SSC is tokenization. Tokenization ensures every transaction is given a token that is useless in the event of a data breach. Tokens are irreversible, randomly generated, and unique so that a token can be used for recurring charges.
This solution reduces the challenges you and your clients might encounter with managing PCI compliance, because it’s a solution that can help take you out of PCI audit scope. Most importantly, it can protect your software from the harsh impact of a data breach. Software companies should be PCI compliant and remain diligent in protecting their customer and business data. This goes beyond creating strong passwords. It includes choosing partners that will provide you the best and most secure payment processing solutions for your software.
As hackers continue to target POS Software, CardConnect provides security solutions to allow software vendors to process payments securely. CardConnect offers best-in-class security, along with a suite of payment processing technology to software partners.
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