Elavon helps European customers reduce their threat of data breaches with PCI-validated, point-to-point encryption (P2PE) solution.
Elavon, a leading global payments provider and subsidiary of U.S. Bancorp, has announced that its Secured Point-to-Point Encryption (P2PE) solution has been successfully validated by the Payment Card Industry (PCI) Security Standards Council.
Secured P2PE provides Elavon’s European customers with some of the strongest commercially available encryption protection by making card data valueless if stolen. It emphasises Elavon’s commitment to be a trusted choice for businesses looking for a payments partner.
Elavon’s solution helps businesses defend themselves from the increasing number of data breaches. By encrypting credit and debit card data on point-of-sales terminals, it prevents the personal information of customers from being accessed during cyberattacks. Secured P2PE works by encrypting sensitive card payment until delivery to Elavon’s secure decryption environment.
A strict chain of custody, including secure devices, applications and processes satisfies requirements for a validated PCI Security Standards Council P2PE solution. It also assists companies in reducing the high costs associated with achieving PCI compliance as an integrated, ready-to-go solution for payments terminals.
Secured P2PE can help European enterprises comply with consumer data protection regulations like the EU GDPR, and avoid costly data breaches resulting in mandatory customer notification processes, fines associated with non-compliance, as well as reputational damage.
IBM and the Ponemon Institute’s 2018 The Cost of a Data Breach report estimates the average costs of data breaches in Germany at €4.05 ($4.67) million, in France at €3.67 ($4.27) million and in the United Kingdom at £2.84 ($3.68) million. Furthermore, this global study points to the extensive use of encryption as a top factor to reduce the per capita cost of data breaches.
Hannah Fitzsimons, EVP and General Manager, Elavon Merchant Services, said: “Preventing data breaches is a top priority for European businesses set on strengthening their cybersecurity. We are pleased to offer PCI-validated solution that encrypts payment transactions on point-of-sales terminals. Most importantly, Elavon is dedicated to providing peace of mind to businesses who need to protect their customer data and help them avoid data breaches.”
- Elavon’s European Secured Point-to-Point Encryption (P2PE) solution validated by the Payment Card Industry Council (PCI)
- Solution encrypts customer card data at point-of-sale terminals making it valueless if stolen
- Encryption cited as a leading factor to reduce the cost of data breaches.
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB) and headquartered in Atlanta, Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go. Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.
About U.S. Bank
U.S. Bancorp with 74,000 employees and $461 billion in assets as of June 30, 2018, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2018 World’s Most Ethical Company.