As the business realm becomes increasingly digital, data breaches are becoming downright common!
It takes a collection of security practices to remain protected, but luckily there are two major security standards available to help protect your business: PCI & EMV.
Protecting Yourself With PCI & EMV
PCI (Payment Card Industry Data Security Standard) is a set of standards in place to help prevent data fraud and breaches. PCI compliance is compulsory for any and all businesses accepting card payments.
EMV (Europay, Mastercard and Visa), best known as the “chip” in newer credit cards, is another security standard focused on inhibiting the production and use of counterfeit credit cards. Unlike PCI compliance, EMV is not mandatory.
PCI compliance should protect your business from data breaches, so its pivotal that your business completes a self-assessment questionnaire and vulnerability scans. If a breach occurs while your business is NOT PCI compliant, you can face penalties of up to $500,000!
The beauty of EMV cards is that the information is encrypted. Magstripe cards, on the other hand, contain analog data. This means the data can be stolen. EMV chip cards have made a huge impact on in-store card fraud, with Visa reporting an 80% reduction (between 2015 to 2018) in card-present counterfeit fraud losses.
Data Transfer Via P2PE
End-to-end encryption is the most secure way to transfer data. PCI-validated point-to-point encryption (P2PE). Even if a fraudster obtains stolen data, encryption will prevent them from making sense of the information.
Even with PCI and EMV, fraudsters can still get their hands on sensitive information. Make sure that your business has a plan in place to deal with data breaches, and that your MarketPlace Payment Solution Provider offers your business proper security measures.