Record GDPR fine provides stark data and payment protection warning to business owners - Featured Image | CEO Monthly

Record GDPR fine provides stark data and payment protection warning to business owners

Image

With reports* confirming that British Airways will be fined £183 million by the Information Commissioner’s Office (ICO) following a significant data breach last year, PCI Pal‘s CEO James Barham is encouraging businesses to step-up data protection processes and utilise descoping payment security technologies, so no sensitive card data is available to hackers.

It was reported that approximately 380,000 transactions were affected in the breach, with compromised data including names, email addresses and some credit and debit card information.

James Barham, CEO of PCI Pal responds: “Payment card data is the ultimate reward for hackers therefore businesses need to look at all areas of potential vulnerability in both their systems and processes. It is vital to identify solutions that can prevent such breaches from occurring, which will not only help avoid hefty financial penalties, but also the loss in customer confidence and reputational damage.

“Today, businesses can avoid storing payment card data by using descoping technologies. If integrated into contact centres, sensitive data will never enter the enterprise when payments are transacted over the phone, meaning the risk is removed.

Concludes Barham: “By using the right secure payment technologies to simplify a company’s route to PCI compliance, ultimately data security is improved so much so that it is as though card data is not handled in the first place. Additionally, utilising technology in this regard clearly demonstrates to customers that the company they are dealing with has taken steps to secure their data.”

PCI Pal secures payments for some of the largest companies in a range of markets, including retail, services, logistics, and utilities. It provides secure payment solutions for contact centres and businesses taking Cardholder Not Present (CNP) payments.

PCI Pal’s globally accessible cloud platform empowers organisations to take payments securely without bringing their environments into scope of PCI DSS and other relevant data security rules and regulations.

For more information, visit www.pcipal.com or call +44 207 030 3770 to arrange a demonstration. Alternatively, follow PCI Pal on Twitter.

0

Advanced issues found

Want to Be Recognised? Enter Our Awards Today!

Learn how to get recognised for your achievements and become a nominee in our prestigious awards programmes. Discover the criteria and steps needed to showcase your leadership excellence.

Find Out More
Get recognised banner - woman holding device

You might also like

Explore insights and updates tailored for business leaders and innovators, curated to inspire success.

October 31, 2022 How CEOs and HR Benefit From Online Software Recruitment Tools

As competition in the job market becomes fierce, companies are beginning to see the advantages of online recruitment software. This assertion is backed by 94% of HR professionals who attest to the efficiency of recruitment software.

August 30, 2022 5 Tips To Save Money As A New Business

Starting out as a business can be tough and can be a huge financial hit initially. However, luckily there are a few simple ways you can save money and cut the costs of starting out. 

May 13, 2024 Transformative Transitions: 8 Exit Archetypes Every Company Founder Must Know

Business transitions are important for several reasons. They enable company founders to navigate the opportunities and challenges that come with change, often fostering continued innovation and success in an ever-evolving marketplace.