Importance of end-to-end encryption in the retail space

CardFraudOur attention was caught recently by an interesting article on Retail Week by Verifone, which examined the importance of credit and debit card protection in the retail industry. As Verifone quite rightly points out, the theft of credit and debit card details is a highly lucrative activity and its popularity is growing rapidly worldwide. Indeed, our recent State of Enterprise Security Report revealed that 75% of enterprises have experienced a cyber attack in the past 12 months and that the average associated cost over the year for such attacks was as high as $2million – some pretty striking statistics.

Furthermore, the nature of credit and debit card theft is becoming increasingly sophisticated such that retailers will often process a payment transaction and not even be aware that a data breach has occurred – something that could have a serious impact not only on a retailer’s revenues, but also on their brand reputation. With such serious consequences at risk, Verifone states that it is time for companies to go beyond Payment Card Industry Data Security Standard (PCI DSS) guidelines, and secure entry points across the entire transaction chain.

The article has some good advice to offer retailers and with cybercrime continuing to grow at such a rapid rate, it’s advice that retailers can simply not afford to ignore.

Dominic Cook

March 9, 2010 | Filed Under cyber-crime, data-loss, security 

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