PCI Data Protection: Balancing Data Privacy & Security
According to an insightful Statista report, businesses will generate, copy, capture, and consume a jaw-dropping 181 zettabytes of data by 2025 (one zettabyte equating to one trillion gigabytes.)
Therefore, it's no wonder that finding an equilibrium between complying with increasingly complex global data privacy laws - processing staggering amounts of sensitive data, and maintaining rigorous security measures is challenging.
Particularly when you want to safeguard personal and payment data from unauthorized access. And respect your client’s rights and preferences on how their data is collected, used, and stored.?
So, read on if you want to know how to foster a balance between data privacy and fortified PCI DSS-compliant data security via a state-of-the-art tokenization platform.??
Data Privacy vs Security: What's the Difference?
Before we dive into the details, here’s a brief run-down on the difference between interdependent data privacy and security:
Data privacy is defined as: "the proper handling, processing, storage, and usage of personal information" that respects the rights of individuals concerning their personal information.?
Data privacy is governed by various laws and regulations like GDPR, POPIA, HIPAA, and SOX
?to protect individuals from unauthorised or unlawful collection, sharing, or processing of sensitive data.
In contrast, data security is? "the safeguarding of customer data from unauthorised third-party access to ensure its integrity, availability, and confidentiality”.
In essence, data security is a precondition for data privacy. Because you cannot have data privacy without data security. However,?you can have data security without data privacy.?
In other words, even if you encrypt your customers' data, you are violating their privacy if you use it for purposes they are not cognizant of or consented to.
A Step-By-Step Guide to Balancing Privacy and Security?
In my experience attaining an equipoise between data privacy and PCI security standards?
requires a holistic approach that seamlessly integrates technical and legal aspects of data protection. So, with that said, here’s my step-by-step guide to achieving that attainable goal:
Step 1: Audit Your Network Data
Conduct a data inventory and mapping exercise to identify what personal and payment data you collect, where it comes from, where it goes, who has access to it, how long you need to retain it, and why you need it.?
A comprehensive data audit will help you understand your data flows, ascertain your risks, and comply with the PCI requirement to "render a PAN unreadable anywhere it is stored".
Step 2: Drastically Reduce Your Risks
Implement a data minimisation strategy in compliance with PCI's requirement to "keep cardholder data storage to a minimum".?
Additionally, reduce your data footprint and exposure by only collecting mission-critical data and deleting or anonymising unwanted data.
More importantly, adopt a privacy-by-design approach to embed privacy principles into all your products, services, processes, and culture.
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This prudent approach has the added benefit of preventing or mitigating privacy risks before they become issues in compliance with the PCI prerequisite to developing software applications that meet their data privacy standards.
Step 3: Remain Hyper-Vigilant
Monitor your systems and networks for any anomalies or threats that could compromise your data privacy or security. So, you can detect and respond to incidents quickly and comply with the PCI requirement to "review logs and security events for all system components".
Step 4: Update Your Security Policy and Procedures Regularly
Review your policies and procedures frequently to demonstrate accountability. Ensure they are aligned with the changing regulatory landscape and customer expectations.?
In addition, you will automatically comply with PCI guidelines to "establish, publish, maintain, and disseminate a security policy".
How Tokenization Fosters Data Privacy & Security
The SecureKey Group leverages the power of cutting-edge blockchain technology to enable data privacy and security in various industries across the globe. However, we specialise in tokenizing payment card industry data and fostering trust in each transaction.
Our world-class tokenization platform replaces sensitive data, like payment card numbers (PANs), with non-sensitive placeholders or tokens without any intrinsic hacking value or meaning.?
These generated tokens are used for processing, storing, or transmitting data. Whereas the original data is securely stored in a discrete token vault.?
Our PCI DSS-compliant tokenization platform reduces the risk of data breaches, theft, or misuse and offers the following benefits:
Conclusion
Mastering the fine art of balancing data privacy and security requires a holistic approach encompassing complying with regulations, implementing security controls, and adopting innovative solutions like PCI DSS-compliant tokenization platforms. So, get in touch if you need our considerable expertise.
Frans Marx is the CEO of SecureKey Group and an experienced adviser to banks and large corporations on Cryptographic Data Protection.
Digital Marketing | Inbound Marketing | Tech Writer | Cybersecurity | SaaS
1 年Very insightful. May I have your permission to translate it into Vietnamese for sharing on my cybersecurity website? Proper attribution will be provided to your post, acknowledging you as the author and showcasing your expertise in the subject matter.