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The Dunning-Kruger effect in information security

Written by Graeme Zwart | May 6, 2020 at 12:03 PM

By Graeme Zwart, Head of Security 

A little knowledge is a dangerous thing. But when it comes to information security, being unskilled and unaware of it is not the ideal combination.

The unskilled are doubly burdened. Not only do they reach erroneous conclusions and make unfortunate choices. But their lack of skill also robs them of the ability to realise it. That’s the Dunning-Kruger effect, named after a couple of Cornell University academics who first described the phenomenon.

Working with a trusted provider helps reduce data security risk, partly through minimising the impact of the Dunning-Kruger effect. You don’t have to recruit, retain and train your own experts. Which also saves you time internally in keeping up-to-date with industry standards. You also save money by piggy-backing the developments your provider does for their client base as a whole.

Hosted services

PXP Financial offers hosted point to point encryption (P2PE) and tokenization services to help customers reduce their risk and PCI scope.

Our P2PE application encrypts data from the moment it enters the Pin entry devices in your payment environment. This means, if this is the only entry point, you will never see sensitive cardholder data in the clear. This helps reduce your risk in the event of a breach, the associated costs (e.g. lost revenue, damage to brand, reputation, trust), plus your PCI scope.

Our P2PE solution is a full end-to-end service, including business processes for securing your terminal estate. If you follow the P2PE Instruction manual provided with the service, it gives much more assurance that the PIN entry device has not been tampered with prior to installation. And that it has been installed securely by a trained engineer.

Tokenization replaces sensitive card data with a token, which can be used across various front- and back-end systems instead of the real card data. PXP Financial tokenization works across channels, geographies and brands in a retail group. It can also be activated retrospectively on stored card details. This simplifies compliance with data security requirements, and also delivers operational, cost and marketing efficiencies.

 

Outsource to a trusted provider

Accepting card payment is a necessary part of running a business. But storing, processing and transmitting card data comes with risks. PXP Financial’s secure payment services help businesses reduce their risk as well as the impact of the Dunning-Kruger effect.

For a consultation on your data security needs, e-mail sales@pxpfinancial.com or complete your details on the contact form below.