Did you Know: Data Security & Encryption Standards

July 8, 2020
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With over 150 billion U.S. dollars in non-cash transactions carried out in the U.S. every year, it’s easy to see why credit card information is continually targeted by online thieves. Over the years, cybercriminals, intent on accessing consumer information including credit card numbers and other personally identifiable information, have become increasingly adept at circumventing online security protocols. They exploit vulnerabilities along the payment processing chain to gain access to this highly sensitive – and highly valuable – information. Fortunately, protecting your businesses and ensuring your payment data security doesn’t have to be time-consuming or expensive. The easiest and most cost-effective way to secure your sensitive data is through education and training.

“The truth is, paying a little more upfront will generate bigger dividends in the long run. Making the switch to new payment technologies will allow your business to grow revenue, improve decision-making, and increase competitiveness.”

It begins by learning the basics of data security and becoming aware of some of the tactics used by cybercriminals, like phishing, malware, brute-force password attacks, and more. The truth is, cybercriminals usually go after “low-hanging fruit,” like easy to guess passwords and phishing emails. Another easy target is outdated software that cybercriminals use to exploit flaws in unpatched systems. By making sure you are using the right technology and implementing it correctly, you can enhance your data security and reap a whole host of additional business benefits. 

The payment processing systems you use will affect the security practices you can initiate. With a robust data security foundation, you can more effectively protect your customer payment data and prevent data breaches that can harm your business. A skilled payment processing company can help small merchants simplify their security and reduce their business & customers’ risk. 

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With the right data security partner, you and your team can enhance your data security by:

  • Gaining access to business coaching that teaches security basics that help protect against payment data theft
  • Simplifying your security strategies and reducing your risk
  • Using tools specially designed for small business merchants that allow you to evaluate and report on the effectiveness of your security strategies
  • Increasing your team’s knowledge-base to create a robust data security foundation that protects your customers’ data and prevents breaches

That sad truth is that over half of all small businesses will probably experience some sort of security breach over the next 12 months. In fact, in 2017, 61% of data breaches affected small businesses, a 53% increase from the previous year. With only 39% of small companies reporting any kind of formal cybersecurity strategy, it’s easy to see why small businesses represent an alluring target for cybercriminals. 

The good news is that you don’t have to be a sitting duck. Partnering with an experienced and skilled payment processing partner can help you fortify your data security and avoid costly breaches. With expertly crafted merchant service solutions, PayTech Trust has the experience and expertise to help your business. We’re a full-service business process solutions company with established relationships from a broad range of vendors. 

PayTech Trust is uniquely qualified to efficiently manage payment processing needs. To begin a dialogue and learn how our expertise can serve you best, contact us today so we can help you navigate and negotiate the best solution, pricing, and contract terms for your data security needs.

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