Verizon Business Helps Retail and Financial Services Industries Safeguard Credit Card Data
BASKING RIDGE, N.J. - Verizon Business is now offering retailers and financial service providers even stronger safeguards for protecting credit card holders’ confidential data.
Verizon Business is among the first major service providers hosting confidential data for credit card payments to implement stringent industry standards that make it harder for thieves to obtain information from either online or retailer-site transactions. Verizon Business has successfully implemented the Payment Card Industry (PCI) Data Security Standard into its two U.S. Managed Hosting Smart Centers and achieved compliance with the Visa U.S.A. Cardholder Information Security Program (CISP) for its Transaction Services Network.
Verizon Business U.S. Smart Centers are positioned at the heart of Verizon’s global IP network, and customers rely on them to handle the management and monitoring of their critical Web infrastructure and applications.
The enhanced protections come at time when credit card fraud continues to increase. According to industry experts, data breaches are very burdensome for business -- both to the bottom line and to the breached organization’s brand. An April 10, 2007, Forrester report, “Calculating The Cost Of A Security Breach” by Khalid Kark, determined that “a security breach can cost you [the business that is breached] between $90 and $305 per record. This means that the cost of a single, significant breach may run into millions or even billions of dollars.”
PCI Compliance Part of a Total Security Solution
Verizon Business combines a protected network, managed hosting centers and professional services to help businesses to comply with the PCI Data Security Standard for storing, processing and transmitting credit card information.
“When it comes to the protection of credit card data, Verizon Business is a market leader with its comprehensive capabilities,” said Michael Marcellin, vice president of product marketing for Verizon Business. “We are going the extra mile by providing our customers with the building blocks to enable them to bolster their security. By strengthening security at our two U.S. Smart Centers and on our Transaction Services Network, we are empowering our customers to better protect their customers.”
With the July 1 acquisition of Cybertrust, Verizon Business complemented its existing capabilities in the retail and financial services space with a full suite of PCI-related services and products. The Cybertrust acquisition also transformed Verizon Business into a Qualified Security Assessor (QSA) and Approved Scanning Vendor (ASV) for the PCI Data Security Standard.
“In addition to providing the infrastructure and network for its customers, Verizon Business delivers a robust suite of professional services and products that touches all ends of the retail and financial services spectrum,” said Kerry Bailey, vice president of Verizon Business Security Solutions. “This is a unique advantage that businesses have in selecting Verizon Business as their partner in achieving PCI compliance.”
The Verizon Online Compliance Program for Payment Card Industry tool offers multiple views that are customized for retailers, payment service providers and acquiring banks. The merchant dashboard offers retailers and payment service providers a comprehensive analysis of their PCI compliance status. It allows them to fill out and archive self-assessment questionnaires and manage vulnerability scan reports -- key elements of PCI compliance.
The acquirer dashboard enables banks to evaluate the status of all relevant merchants and payment service providers. This automated solution allows businesses to manage compliance with the PCI Data Security Standard on an ongoing basis.
In addition, Verizon Business offers a full range of complementary professional services in the PCI arena, including audit, remediation strategy and implementation, gap analysis, and training. Verizon Business can also help customers prepare for and -- if the worst happens -- manage a suspected or actual security incident through its specialized forensics and investigative response team.
About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE: VZ), is a leading provider of advanced communications and information technology (IT) solutions to large business and government customers worldwide. Combining unsurpassed global network reach with advanced communications, security and other professional service capabilities, Verizon Business delivers innovative and seamless business solutions to customers around the world. For more information, visit www.verizonbusiness.com.
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