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Cards are one of the most common methods of making payments these days, as it’s simply more convenient than carrying a ton of cash on you at any given time. Still, if your business takes card payments, it puts you in a place of vulnerability. Considering how often payment cards are used for transactions, you need to take action now to keep your company from experiencing data breaches related to payment information.

How People Use Payment Cards
Some people don’t even keep cash on their person anymore, instead opting to use payment cards for their ease of use. About what percentage of your transactions do you use a card for? In particular, countries in the European Union have a lower percentage of cash usage compared to card usage, while less developed parts of the world rely on cash. In countries that have the technology to take advantage of payment cards, data privacy laws are much more specific and comprehensive.

Digital wallets may have seemed like the future, but they are far from a sustainable system, as retailers and other organizations aren’t guaranteed to take these types of payment. Therefore, the de facto payment method, unless you carry around a full wallet, is to use your card. Some businesses will try to incentivize card payments, while using cash in certain situations (think use of an automated teller machine) could cost consumers more in the long run for goods or services.

What Data Loss Means for Your Business
The more often consumers purchase goods or services with payment cards, the more likely it becomes that those credentials could be put at risk. With the number of hackers out in the wild, there is a considerable price on your business’ sensitive data–including card information. While it might be more common in e-commerce sites, you can never be too careful with how your business stores and protects sensitive payment card information.

If businesses fail to secure this data, the repercussions could be extreme. While it could mean a loss of consumer confidence, it could also lead to a series of smaller events that gradually erode your organization’s profitability. Either way, whether it’s a series of minor inconveniences or a major disruption, you’re still facing down a disaster.

Payment Card Index Digital Security Standard
Not all countries are as progressive with individual data security as the nations of the EU, but there are still measures that have been taken to standardize card information security. The Payment Card Index Digital Security Standard, or what is typically called PCI compliance, is the strategy payment card companies have come to. The requirements they expect every business that accepts payment cards to meet include:

  • Monitor and test network.
  • Maintain security network and systems to ensure customer privacy.
  • Protect cardholder data.
  • Maintain system that manages and reduces vulnerabilities.
  • Maintain strong access control.
  • Maintain information security policy.

These requirements might seem stringent and difficult to produce, but an easy way to make it happen is to work with Palindrome Consulting. We can help you maintain a secure network for all of your organization’s sensitive information, including card information. To learn more, reach out to us at 305-944-7300.

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Elizabeth Mitrani
Elizabeth Mitrani
17:23 06 Aug 19
Palindrome Consulting was key in establishing my business and helps me keep it running. They are the consummate... professionals, incredibly knowledgeable and are always available to help. They have gone above and beyond to ensure that I was up and running quickly and that any issues that may arise on my end or dealt with immediately. I highly recommend Palindrome Consulting.read more
Moshe Rubinstein
Moshe Rubinstein
14:57 28 Jun 19
They are there every step of the way. Responsive and timely. The full service mentality mixed with the problem solving... abilities, is what makes them an easy choice.read more
Benjamin Wainberg
Benjamin Wainberg
14:09 28 Jun 19
Palindrome Consulting is customer centric. For Palindrome Data Safety is paramount; they keep their and our systems... updated with the newest technologies and are not shy at changing to better alternatives. Their platforms are always running and in the odd case there is an event, their technical team has an awesome response time.read more
Copier Man
Copier Man
13:56 28 Jun 19
We have been using Palindrome since 2005. They make my company feel like we are #1 all the time. Expert staff are... always available to help all my users all around the country.read more
Martin Feldman
Martin Feldman
16:43 26 Jun 19
As a partner in Fischer & Feldman, P.A. we have utilized Palindrome Consulting as our IT experts for many years. In... addition to keeping our server up and running, they are available to consult on the everchanging cloud and web landscape. We could not function as a successful law firm without their constant care, attention and almost IMMEDIATE RESPONSE TIME.read more
Rebecca Fischer
Rebecca Fischer
16:39 26 Jun 19
Palindrome has been my IT company for more than 15 years. We have been through four server and computer replacements... over the years all of which went smoothly. As technology has changed Palindrome has kept us current in their recommendations and are extremely responsive when we run into a software or hardware problem. We have been through hurricanes with Palindrome and felt confident they would have us up and running as quickly as possible and despite the fact we are probably a smaller client, they have treated us as one of their most important clients. I highly recommend Palindrome and have complete confidence in their capabilities and service. They have even gone the extra mile when we wanted to donate our old computers to a children's special needs school and delivered the computers, set them up and provided service for the same. Ilan Sredni is the consummate professional and has surrounded himself with top professionals and skilled technicians.read more
Nelson T
Nelson T
20:32 25 Jun 19
Palindrome Consulting has proven itself time and time again to be the epitome of professionalism and technical... expertise. They take the time to listen to your needs and then apply their wealth of technical knowledge to create truly innovative and robust solutions. They truly deliver piece of mind.read more
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