Data security in financial services is paramount to operate in compliance with international protection standards and to provide confidence to customers, who require solutions tailored to their needs without losing sight of the importance of protecting their banking data.
On the road to finding this balance and, at the same time, complying with financial industry regulations, tokenization is a powerful ally for reducing the storage of confidential data, which can also reduce the risk of your operation in terms of PCI compliance.
This standard, which establishes international security standards for companies that store or process card information, has some requirements such as: maintenance of an information security policy for the organization, periodic testing of security systems and processes, creation and maintenance of secure networks, protection of sensitive data, solid access control measures, among others. In this case, the standard is linked to group two of Logical, Physical and Administrative Security, which emphasizes the protection of cardholder data.
How does tokenization simplify regulatory compliance such as PCI for your company's financial services?
The term tokenization refers to the replacement of sensitive data, in this case the customer’s banking data, with a unique and unrepeatable token that, being random, has no value that can be tapped by cybercriminals, decreasing the risk of information loss.
When used, a token can confirm a transaction and other processes that would normally require the customer’s original data, helping to avoid exposing and storing confidential information. In this sense, not only will you eliminate the latent risk that this type of data has, you will also have a tool that can manage each of the movements of your transactional lifecycle with the required regulations. How?
- Reduce the effort required to comply with PCI requirements
Tokenization as a financial security tool also facilitates compliance with international card management regulations, so the variety of security measures that must be met is reduced in cost and operability by covering several fronts with a single solution.
- Trusted protection of customer data, regulatory compliance and maintaining the integrity and transparency of a good transactional service
Tokenization and PCI compliance is a two-way street. While tokenizing your financial services may be the best decision for safeguarding the sensitive information your company operates with, this feature helps you comply with the highest standards of financial services and data protection law, allowing you to remain certified under these mandatory regulations while still getting the support you need in the industry.
- Tokenization is compatible with other data protection measures, which can help strengthen compliance with the 12 core security requirements of PCI
For financial services, tokenization is an important complement to PCI’s requirements for strict compliance with its information security policies, the use of anti-virus, protection of cardholder data through encryption, among others.
- Improved customer-facing payment experience
By enabling your payment platform with tokenization, your customers can access transactions without the need to enter their sensitive data in each one of them, allowing you to build a comprehensive and effective customer experience.
- Easier Integration
The tokens can be used in various platforms and systems, facilitating integration with third-party services without compromising data security.
- Control over Data
Enterprises can better manage access to and use of sensitive data, maintaining greater control over the information they handle.
- Enterprise Security Service
Having a solution such as tokenization, not only will allow you to meet the transactional needs of your ecosystem and the multiple points where it is required, it can also help you solve any cryptographic need that requires a HSM linked to your organization.
At CLAI PAYMENTS® Technologies we know that compliance with standards is fundamental for your transactional operation and that betting on information security is key to continue building integral payment ecosystems, so, through CRYPTGRID™, our hardware cryptography solution, you can implement tokenization and manage the movements of your transactional lifecycle in the most efficient way possible, without exposed data and complying with the standards required to operate in the financial industry.
If you would like to learn more about us or our CRYPTGRID™ solution and its cloud services, leave us your details below and our dedicated team will contact you.
