September 27, 2010
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News: Clouds Of Protection
If you're anything like me, cloud technology is a concept that's very hard to grasp. However, the experts continue to improve cloud technology in that it is becoming a valuable tool for merchants in storing debit and credit card information. Akamai Technologies has released its newest contribution toward the advancement in cloud technology. The company's new program called Edge Tokenization is an electronic payment security service that changes credit card data to a token and then stores it in Akamai's cloud. The information will no longer be stored in a data base within a computer system that is vulnerable to thieves. By doing so, it provides a higher level of security and prevents thieves from stealing debit and credit card.
Edge Tokenization allows merchants to securely accept credit card payment without the assistance of an outside payment services such as PayPal. Andy Ellis, CSO of Akamai Technologies, said that Edge Tokenization will "reduce the compliance risk and lower Payment Card Industry Data Security Standard (PCI DSS) compliance costs." PCI DSS is the governing body that establishes and governs security standards for electronic payment processing including debit and credit card transactions. According to Ellis, the company's new system will provide a higher level of security and conveniences for online merchants without having to spend a great deal of money.
Cost related to maintaining the standards set down by the PCI DSS can often be a costly venture for merchants. However, merchants must weigh the benefits of providing customers the option of paying by debit or credit card with the costs of maintaining PCI standards. Most retailers believe the cost are worth it. If customers have a high level of trust with a merchant in knowing that their personal information is secure, they are sure to increase doing business with them. Akamai also notes that the system is the result of its business relationship with CyberSource who partnered with them in bringing the Edge Tokenization to the market.