Why is Tokenization Important for Data Security?
The average cost of a data breach is $4 million, according to IBM Security. Each lost or stolen record costs businesses approximately $158.
While the possibility of credit card fraud remains, data tokenization helps keep credit card information as safe as possible. Businesses can safeguard against fraudulent activity by utilizing payment gateways that implement tokenization security.
Additionally, tokenized data is never stored on your system. Many processors store data off-site in a secure, cloud-based server to eliminate security risks and liabilities.
Tokenization benefits more than just the customer. As a business owner, you can maintain PCI compliance by not storing sensitive credit card data within your system. You can also use tokenization technology to secure business passwords, email addresses, employee files, and customer accounts.
Protect Your Sensitive Business Data
Tokenization is a growing technology that can save businesses millions of dollars in fraud liability while shielding consumers from the hassle of dealing with data theft.
In the future, data tokenization will be essential in the world of credit card security. Businesses can benefit greatly from taking advantage of payment card tokenization now.