While merchants continue to struggle to protect customers’ card data, as well as defend their own environments against cyber threats, security breaches continue to run rampant. According to a 2011 study conducted by The Ponemon Institute which surveyed 581 US Technology Security professionals, “90 % of businesses fell victim to cyber security breaches at least once in the past 12 months” of which 41% of incidents cost businesses more than $500,000 to handle.
The proper P2PE solution can eliminate the need for merchants to dedicate time and resources to fighting off cyber crime, as well as avoid the crippling financial ramifications synonymous with suffering a data breach. By eliminating cardholder data from a merchant’s environment, which in turn removes the payment network as a target, merchants significantly reduce the risk, cost, liability and the burden of achieving and maintaining PCI compliance. “P2PE: Reduce PCI Scope, Protect Cardholder Data and Preserve Profit,” offers detailed insight into how merchants can be better suited to protect their customers through the Element TransForm™ P2PE suite, which can help address continued cyber threats, while optimizing business operations and preserving profit. Element's TransFormTM P2PE suite leverages its TransForm™ approach to payment processing – remove the value and accessibility of cardholder data to eliminate the risk. Featuring advanced P2PE and tokenization, Element’s suite of payment solutions transform how payments are secured in a simplified way-delivering optimal security that not only meets but exceeds PCI DSS/PA-DSS compliance requirements.
“We are excited to share this white paper with the payment processing industry and merchant community, as it offers great detail to a complete and secure solution,” said Sean Kramer, president and CEO of Element Payment Services. “At Element, we make it our number one priority to help customers protect their businesses while providing the innovative payments technologies needed to manage operations. Our comprehensive PCI compliant solutions make this possible.”
Element’s hosted TransForm™ suite yields the most complete P2PE solutions on the market today. The solution suite ensures sensitive cardholder data is protected from the point of card swipe or entry, while in transit to the payment processor, and during storage.
For more information about “Point-to-Point Encryption (P2PE): Reduce PCI Scope, Protect Cardholder Data and Preserve Profit” download the white paper or contact us today.
About Element Payment Services
Headquartered in Phoenix, Arizona, Element Payment Services, Inc. is the industry-leading provider of fully integrated PCI DSS compliant payment processing solutions for merchants and business management software providers. Engineered using service-oriented architecture, Element's Express Processing Platform allows for easy integration, supports advanced technologies and manages more than $6 billion in transaction volume annually.
Element's TransFormTM approach to payment processing is built on a simple idea – remove the value and accessibility of cardholder data to eliminate the risk. Leveraging advanced point-to-point encryption and tokenization, Element’s suite of payment solutions transform how payments are secured in a simplified way-delivering optimal security that not only meets but exceeds PCI DSS/PA-DSS compliance requirements. Element's innovative technology, Hosted Payments, was the first payment processing solution on the market to take software providers out of scope for PA-DSS/PCI DSS compliance requirements.
More information about Element Payment Services can be found at www.elementps.com .
ThoughtKey is the leading payments consulting firm focused on translation and implementation of PCI and sponsorship management programs. ThoughtKey services are designed to fill the gaps in risk and advance awareness of reducing risk without hindering company growth. Our strategy extends beyond just “what the payment rules and laws command” to defining a risk program based on a foundation defined by management’s risk tolerance and profit desire.www.ThoughtKeyInc.com
Source: Company press release.