Last year, 85%-90% of all business assets were digital. The average security breach costs U.S. businesses an average of $7.35 million, making information security a top strategic priority for modern businesses. Plus data breaches can end up costing much more in the long-term from reputational damage and brand erosion.
Point-to-Point Encryption (P2PE) is a security development that allows businesses to remove clear text data from their network. A P2PE solution consists of a combination of validated hardware, software, applications and processes to encrypt cardholder data. P2PE ensures that confidential card payment data is encrypted at the point the payment is taken, removing the clear text data from the retailer’s network. That data is only decrypted once it’s passed to the solution provider’s secure environment.
P2PE uses a key management process in which every transaction is created using a unique key. This means that each transaction would have to be individually broken to gain access to sensitive data. The processing power and time to hack individual transactions to gain substantial amounts of cardholder data is incredibly difficult.
A P2PE listed solution provides businesses with access to the latest technology to protect customers’ data.
Make sure you can spot the difference between P2PE hype and truth with our handy infographic: