With more and more people moving to some kind of payment card system--bank or prepaid debit card or the like--it's not at all surprising to see more concerned with security in the face of their increased use. To that end, Voltage Security (News - Alert) is set to offer up a new system known as "tokenization," which looks to put some extra power behind the security of these new payment measures.
Voltage Security's Voltage Secure Stateless Tokenization looks to improve the security mechanisms on payment card data, which better allows access for firms trying to get in on governance, risk and compliance (GRC) markets. It also provides better security by replacing sensitive data--things like credit card information and the like--with what's called a "non-sensitive substitute value," which is actually a practice recommended by Payment Card Industry Data Security Standard (PCI (News - Alert) DSS) auditors.
But what makes the Voltage Security solution "stateless" is that the token database normally involved is eliminated, which in turn reduces compliance costs as well as complexity in the system by reducing the number of applications that would be counted as "in scope" in terms of a compliance assessment. Perhaps even better is the level of protection this establishes for users as well, since the risk involved with storing all that cardholder data is made much simpler by comparison, which means it takes less of a company's resources to do the job, allowing them to do even better for the same amount.
Part of the larger Voltage SecureData Enterprise platform, Voltage's new platform can be put into operation in a matter of hours, with full integration with current applications in a matter of days. It's fast, but it's also accurate, offering full data integrity and a variety of optional tools on the client side to give it the best value possible.
This is good news for not only Voltage Security but also for those who regularly use payment cards of some kind. Enterprise customers will get a new item of security to try out in their current systems, and since there aren't a whole lot of these available just yet, it's entirely possible for Voltage Security to get in on at least close to the ground floor of a major new enterprise. A recent report from TechNavio suggests that, between 2010 and 2014, there will be a 10.2 percent CAGR experienced, brought about by more and stronger compliance regulations.
Improving security for anyone's financial tools is a welcome development for those who use them as well, and the company that can offer the best security is likely to see a spike in business along every tier of the operation. While Voltage Security may not have the best in the industry--it would take a comparison alongside what's already out and what may be out to follow--it's certainly looking like a major contender for the title, and one amply worth looking into.
Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.
Edited by Rachel Ramsey