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What's the point of data security?

July 2, 2019 at 1:00 PM

The point of data security is about being secure. It’s about protecting your brand, your reputation, your ability to trade and keep trading.

It’s about protecting your business from the costs associated with a data security breach. These include lost productivity/revenue, technical support, forensics, compliance and regulatory fines.

It’s about regarding security as an ongoing process, rather than a tick-box task and prioritising security over compliance.

It’s a strange one really because the industry has become rather caught up with compliance and achieving compliance. We’d argue that they’re focusing on the wrong part.

Four out of five companies fail their interim PCI compliance assessment, according to the Verizon 2015 PCI Compliance Report. Less than a third (28 percent) were found to be still compliant less than year after successful validation. And over the last ten years, not a single organisation was compliant with PCI DSS at the time of a data security breach.

So, isn’t it better to focus on security rather than compliance?

To that end, we believe it’s important to:

  • Secure all sensitive consumer data
  • Allow the merchant to drive the customer payment experience still
  • Remove liability from the merchant in case of a breach
  • Avoid adding costly overhead to the payments infrastructure

Our data security solutions are secure. They’re agnostic which makes things easier for you. Whatever terminals you have, whatever applications you run, whatever financial institutions you work with, our solutions will integrate with them and they’re easy to deploy wherever you are in the world (via remote key injection).

We build our solutions on these principles and the idea that every customer is different. There is no one-size-fits-all approach to data security.

PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Powered by inhouse global acquiring, 200+ alternative payment methods & financial services, PXP processes over EUR 16 billion annually through our unified gateway.

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Tags: Security

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