After the Equifax breach in September 2017 exposed the personal information of approximately 143 million Americans, the importance of protecting sensitive data was brought sharply into focus. Cyberattacks as of Q1 2018 have already resulted in 686 breaches and the theft of 1.4 billion records. The result of this turbulent digital security landscape – especially considering that identity theft accounts for 69% of all hacks – is that consumers lose their trust in affected businesses. It can take a single breach to negatively affect brand loyalty and profits significantly. As Warren Buffet said ““It takes 20 years to build a reputation and five minutes to ruin it.”
Fortunately, with an integrated payments partner that offers point-to-point encryption (P2PE) and tokenization, you can keep customer data safe. What is P2PE, and how does it work?