Importance Of Data Security In Payment Integration

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Contrary to popular belief, cyberthreats not only large-scale institutions and governments but also small, medium, and large businesses. The worst part is that the primary victim of a majority of cyberattacks is personal financial data. Therefore, it does make sense for the best credit card payment companies to focus on the importance of data security in payment integration while handling critical customer data.

What is Data Security and why is it important?

Data Security can be described as the continuous process of safeguarding digital information from theft, corruption, or unauthorized access throughout its lifecycle.

From the viewpoint of the credit card companies, the concept of data security encompasses every single aspect and layer of information security from the physical security of storage and hardware devices to access and administrative controls, as well as organizational procedures, processes, and policies along with software applications.


When properly formulated and implemented, out-of-the-box data security measures protect the information assets of an organization against cyberthreats, social engineering attacks, distributed denial of service (DDoS), data loss during cloud migration, ransomware, viruses, human error, improper permission management, insider threats, and more.

These are just some of the reasons why some of the world’s best credit card payment companies are always on the hunt for deploying out-of-the-box security measures such as data encryption, risk assessment, data resiliency, data masking, data auditing, data backup, data loss prevention policies, insider risk detection, user authentication & authorization, and real-time alerts to protect their customers.

Cybersecurity Statistics At A Glance

  • On average, there are more than 2,200 cyberattacks every day, and a cyberattack occurring every 39 seconds.
  • Losses and damaged caused by cybercrime activities are expected to cost a staggering US$8 trillion by 2023 and US$10.5 trillion by 2025.
  • According to Gartner, global spending on end-user risk management and information security is expected to reach US$188.1 billion in 2023 and US$215 billion in 2024.

Proactive and continuous protection against cyberattacks and other security events is imperative to prevent unauthorized access to critical data, loss of business or contract, trading disruptions, and loss of clients. It comes as no surprise that some of the world's best credit card payment companies focus heavily on innovative data classification and discovery tools along with vulnerability assessments, data security posture management, risk analysis tools, automated compliance reporting, and employee education. They also focus on measures such as endpoint protection, tokenization, and file activity monitoring tools to reduce risk exposure, prioritize risks, uncover vulnerabilities and challenges, and discover shadow data.

In fact, the recent surge of data breaches experienced has resulted in the introduction of several legislations across the world. Organizations can experience the following benefits by trusting best credit card payment companies as far as the deployment of state-of-the-art data security measures in payment integration is concerned.

ü  Protection of critical data: Innovative data security measures can go a long way to safeguard critical data against theft or unauthorized access. Data security techniques such as encryption and data masking can also be deployed to render the information unusable or unreadable to malicious entities or individuals who may gain unauthorized access to it.

ü  Prevention of data tampering: Hackers may resort to altering, deleting, or corrupting critical data if they are unable to steal the data. Data security measures such as data backups and encryption can be deployed to prevent data tampering incidents.

ü  Compliance with industry and legal standards: Innovative data security measures can help organizations satisfy stringent state, national, or international laws regarding data privacy, data safety, and data encryption to build customer trust and relationships.

Conclusion

Undoubtedly, the adage "prevention is better than cure" makes great sense even today and applies completely to organizations of all sizes, especially when it comes to data security.

Data security breaches are common and often uncontrollable. Therefore, it becomes highly important that businesses focusing on payment processing should carefully select a reputable provider of merchant processing solutions to ensure the highest standards of data security are maintained throughout the year without fail.


 

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