Today’s consumers want endless options for payments. From cards, mobile wallets, ACH, to buy now pay later (BNPL), retailers need to keep up with the pace, offering a seamless shopping experience to their customers and accepting payments in more ways than ever before. This omnichannel approach to payments is a comprehensive solution for consumers and retailers alike, however, both parties are being exposed to increased risks for cyberattacks.
Cyber threats come in many forms, but history shows that some of the largest data breaches – and most costly – have been the result of retailers offering omnichannel payments without a robust payment security strategy in place.
Bluefin’s founder, Ruston Miles, sat down with Tearsheet to discuss how cyberattacks have evolved within omnichannel payments, and how adopting a comprehensive security strategy that includes both encryption and tokenization is essential to data protection, both in transit and at rest.
“Just one breach can cost merchants millions of dollars to resolve, not to mention significantly damage the company’s reputation among customers. No comprehensive payments experience is complete without a comprehensive payment security strategy,” Ruston Miles, founder and advisor at Bluefin, told Tearsheet.
Read more on how to devalue sensitive customer data with encryption and tokenization