February 4, 2014
Breaches: Don’t Be Next
If you were comparing new POS swipe device models, and I explained that one provided zero protection from the type of breach major retailers have recently experienced, while the other provided complete protection from a card data security breach for about $50 more, which would you choose? Pretty easy choice, right? What you would be purchasing is a P2PE-enabled swipe device. And then I’d congratulate you for taking a much-needed step toward protecting your business and your customers against a devastating security breach.
You’ll be feeling even better about that additional $50 investment when you learn that according to the 2013 Ponemon Institute Research Report, the average cost to a small merchant breached (5,000 records) was $940,000. The investment up front for P2PE-enabled devices could save you from being a breached merchant scrambling for card data security after the fact – which usually proves too little, too late.
Merchants can spend hefty amounts of resources to be PCI compliant, but the moment their system is hacked, what are they left to show for it? That breached merchant is usually hit with hefty fines and fees from PCI and the card brands, as well as potential litigation. But that may not even be the worst part of a data breach. The damage done to your company’s brand image when your customers no longer feel safe using their payment cards in your store could have devastating effects for years to come.
So what’s the solution? Spending that little extra now on a P2PE-enabled swipe device to protect sensitive card data from entering your system at the POS will prove invaluable if your system is hacked. With our TrueTokenization® and P2PE solutions in place, even if your environment is attacked, the thieves will not find any sensitive card data, only strongly encrypted data chains and random tokens that hold no value outside of Shift4’s secure data centers. Remember, “They Can’t Steal What You Don’t Have.®”
What is P2PE? It stands for point-to-point encryption and means that sensitive card data is encrypted at the point of swipe so it never enters your environment as card data. And it’s one of the many advanced security technologies we offer to you as our merchant customer at no additional cost. But you do have to have a P2PE-enabled swipe device, which is where that $50 dollars comes in. When you’re looking into new swipe devices, the P2PE-enabled models are usually only $50 more. It’s important to think of what that additional investment will do for you – it’ll protect your brand and keep your business safe from data hackers.
Want to learn more about P2PE? Check out our P2PE page. Want to implement this technology today to protect your business from being next? Our Vegas-based Customer Service staff is available 24/7 to help you – just email [email protected] or call 702.597.2480 (option 4).