A study by SecurityMetrics finds that over 63% of businesses aren’t encrypting the credit cards they process.
Additionally, 7% of those businesses store that unencrypted magnetic stripe data leaving that information vulnerable to hackers. Unfortunately, magnetic stripe cards are incredibly easy to replicate and are always in demand on the black market. Less than a week after the Target breach, “card shops” were completely overloaded with credit card dupes.
How vulnerable is your data? SecurityMetric’s tool, PANscan revealed the unencrypted cards and found that 64% of businesses store unencrypted PAN data. That is a total of 87,206,203 unencrypted payment cards that intruders can access at any point. Encryption is an important step, but many are now pushing for tokenization to be the new standard, particularly in the retail sector.
Thankfully, the industry experts have created two instrumental solutions to protect you and your company: tokenization and encryption. We needn’t remind you that no one is immune to data breaches, but you can have control over how much information an intruder can access.
Through the Michigan Chamber’s partnership with CardConnect, you have the opportunity to accept credit, debit and other electronically based transactions at just 0.2% above cost. Email CardConnect or call 877.948.9733 to learn more.