When you think about tokenization as a data security mechanism, the first thing that typically comes to mind is protecting data at rest. Tokenization provides a huge advantage over encryption with data at rest in that you cannot actually get back to the original value if the token value is breached. Moreover, tokenization is much friendlier from an I/O perspective on your resources. Both technologies serve varying business purposes, but tokenization as a data security layer is much stronger and business-enabling than encryption, in our humble opinion.
Let’s now look at how tokenization can help in other areas. In July, the Ponemon Institute furnished the 2012 Payment Security Survey Report, which identifies a few areas where tokenization can aid in reducing risk and fraud for merchants. One of the areas of opportunity for tokenization is in the payment process as a whole. It was stated within the report that “Over 70% of respondents believe attacks against their payment processes are on the rise, with one-third noting an increase in both frequency and severity.” This staggering statistic shows that merchants must protect their payment process outside of simply using encryption or tokenization on data at rest.
Now you’re probably asking, “How do you use tokenization elsewhere to reduce risk in the payment process?” That’s a great question! With TokenEx In-Page Tokenization, you can actually tokenize as early as the “Submit Payment” button is clicked on your website. Moreover, for merchants or service providers who don’t use payment forms but want to tokenize data before it hits their environment, TokenEx provides web services that tokenize data at the edge. With both solutions you can tokenize and add a layer of security at your perimeter to protect data as it moves through the payment process.
For more information, Contact TokenEx. We would love the opportunity to talk with you more about how we’re innovating past our competitors to keep your payment process more secure.