Paying for tuition, books, athletics and even meals on campus has changed drastically in the last 20 years. Gone are the days of quarterly checks sent in the mail for semester payments or dining plans. Today, parents and students require the convenience of paying online, over the phone, and in person.
But as electronic payment acceptance in universities has risen – so too has fraudsters’ interest in the vast amounts of data that universities are now processing through multiple departments and locations. According to Gemalto’s Breach Level Index, in 2016 there were 157 data breaches in education. The leading cause – 60% of the breaches – was malicious software (malware).
There are two security paths that colleges and universities can take in the fight against malware: Defend the Data or Devalue the Data. With the Defend the Data approach, educational institutions build stronger, higher and more expensive walls of security around their systems and data.
With the Devalue the Data approach, universities and educational institutions employ security technology to devalue the cardholder data before it reaches their point-of-sale systems, rendering the data useless to hackers if it is exposed.