When it comes to payment processing, P2PE is the highest standard of data encryption and the best option for merchants. Newcastle International Airport In addition to meeting the P2PE standard, the decryption component of the solution must operate within a secure environment that has been assessed to the full PCI DSS standard. In fact, with an estimated 23% year-on-year growth (UK) in an.. After a year in which many industries were forced to pivot to a digital model, what does 2021 have in store from a cyber perspective? In order to strengthen data security protection levels, retailers, airlines and transportation operators are introducing Point-to-Point Encryption ().With this security architecture, card data is encrypted as soon as it is inserted into the PIN Entry Device (PED) in an embedded SRED module, thereby preventing card details ever being transmitted or stored in the clear. Deployment of a P2PE-approved solution can virtually eliminate the current risk of compromised credit card data in a retail environment. The attack may have allowed a foreign power to monitor government communications In news broken by Reuters, it was announced earlier this week that US treasury and commerce departments.. Held by SRM and our peopleThe above PCI DSS marks and logos are a trademark or service mark of PCI Security Standards Council, LLC in the United States and in other countries and is being used herein under license. BENEFITS OF P2PE • Makes account data unreadable by unauthorized parties • “De-values” account data because it can’t be abused – even if stolen • Simplifies compliance with PCI DSS • The P2PE Self-Assessment Questionnaire includes only 26 PCI DSS requirements • Offers a powerful, flexible solution for all stakeholders The Major Benefits of P2PE In today’s world, fraud and breaches are a common occurrence. To help secure the payment chain even further, payment providers, acquirers, and merchants are turning to P2PE. Merchants who use P2PE technology not only benefit from advanced customer fraud protection, they also experience an easier PCI compliance experience. However, the use of P2PE solutions is not mandatory. There are numerous tangible benefits merchants receive from using a solution that has been through the validation process. Secure management of encryption and decryption devices. Not only did the guidelines clarify exactly what was required for a secure P2PE solution, they also opened the door to certification, allowing approved P2PE solutions to be used as a means of officially reducing PCI scope—and thereby costs—for retailers. The payment card data is secure all the way to the its decryption within Worldpay’s secure environment. Although many individual devices now come with some form of security certification, unless they’re deployed in the correct manner and the network is locked down, retailer systems are still unprotected from hackers or malware. PCI DSS compliance requires businesses that handle sensitive customer data to follow certain regulatory requirements. In most cases, merchants simply want to focus on running their business, securing sales, and keeping customers loyal. Secure management of encryption and decryption devices. Card data, once encrypted at the point of capture, becomes useless to the majority of criminals and fraudsters (unless they have access to the encrypt/decrypt keys), meaning it can be sent safely through the payment chain before being deciphered and authorised at the acquirer’s end. Criminals have been increasingly successful at targeting organizations that store, process, or transmit customers’ personally identifiable information (PII) and payment data. The PCI Security Standards Council describes the benefits of P2PE as providing ‘the strongest encryption protection’ for businesses while also stating that PCI-listed P2PE solutions ‘reduce where and how PCI DSS requirements apply’. As well as making account data unreadable by unauthorised parties it ‘de-values’ account data so that it cannot be abused if data is stolen. Many of the requirements for PCI compliances are negated when a P2PE system is integrated. Using PCI-certified P2PE solutions and following the PIM guidelines, retailers may only have to complete a simple self-assessment form. The costs associated with PCI security and compliance for merchants are high. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. If card fraud occurs, merchants are liable for the cost unless they can prove full PCI DSS compliance at the time of the breach. Officially known as the TDEA (Triple Data Encryption Algorithm), it is ideally suited for hardware implementations found across most payment channels. Management of decryption environment and all decrypted account data. PCI-Authorized Scope Reduction. Point-to-Point Encryption (P2PE) has the highest impact on data security and reducing fraud. Freight Village Point-to-Point Encryption (P2PE) is a critical technology for devaluing payment card data and preventing cardholder data breaches. There are many benefits for merchants who use a PCI-validated P2PE solution. Retailers are no exception, as one out of four data breach victims suffered identity fraud in 2012. Thanks for contacting us – we’ll be in touch with you soon to discuss your requirements. Using a PCI P2PE device not only protects sensitive customer data, but it also tightens payment security, making compliance easier for your business. According to Gartner, it costs an average of $1.7 million over 2.35 years, excluding the cost of PCI Qualified Security Assessors. This means the business taking the payment never holds customer card data in a format that could be accessible to thieves. The new P2PE Self-Assessment Questionnaire now includes only 26 PCI DSS requirements helping merchants to simplify compliance efforts. Some of these benefits include reducing your risk in protecting customer’s payment data as well as various incentive programs for merchants using a PCI-validated P2PE solution. P2PE Benefits for Retailers. Encryption in P2PE begins the instant the card is read, and continues as data is passed to the processor and acquirer and then back to the merchant. There are many benefits of P2PE for merchants and customers: Reduced fraud and increased credibility. For merchants that select a P2PE solution from PCI’s approved list, the advantages can be significant. It helps to ensure the data is never at risk. Founded in 1985, Springbrook is the leading provider of fully integrated, cloud-based ERP and payments software for small and medium-sized municipalities. It’s not only payment terminals and POS systems that need to meet security standards; network environments also need to be properly secured. Key Benefits of P2PE. To ensure best adoption of the new standard, contact us. The moment the card is swiped, the P2PE system converts information into a code that’s unreadable to the observer. When it comes to selecting a P2PE solution and provider, remember, to get the security, PCI DSS compliance and business benefits of P2PE, make sure you are using a PCI validated P2PE solution. This is where P2PE comes in. Reduced threat of non-compliance and financial liability, 5. P2PE is important because it protects credit card data traveling through a merchant’s local network and across a payment gateway before reaching the payment processing system. In order to do this, however, P2PE solutions require the following: Secure encryption of payment card data at the point-of-interaction. In the future, this could greatly simplify PCI compliance. Even a single security incident can reduce the credibility of your business. In the milliseconds the information travels between the payment terminal and the acquirer, P2PE takes the sensitive card information and encrypts it. Use of secure encryption methodologies and cryptographic key operations, including key generation, distribution, loading/injection, administration, and usage. P2PE brings many benefits both to Merchants and Payment Service Providers (PSP) including: A significant reduction of Merchant PCI Scope. The benefits that PCI P2PE version 2 bring to merchants are significant from a security improvement and risk reduction perspective as well as drastically simplifying their PCI DSS challenge. 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