In this press release Prime Factors indicates that it will clarify the role between tokenization and encryption:
‘ Data breach mitigation has become a board-level issue for many organizations, and determining which data protection strategy is best for given situations can be challenging. Tokenization is receiving renewed interest, as it is mentioned in the context of emerging payment services, such as Apple Pay. The technology is frequently mentioned in the same contexts as encryption, as a means to protect sensitive data processed by enterprises. During the webinar, Cherrington reviews these two dominant strategies for persistent data protection, highlighting how they are similar and how they differ. Appropriate uses of each will be illustrated with use cases, and questions from the participating audience discussed.
“Enterprises are realizing that data breaches are inevitable. For organizations of all sizes, it’s not a question of if they will be breached, but when — if it has not already,” says Cherrington. “Tokenization and encryption both offer approaches that minimize the negative impact of a data breach. However, understanding the strengths and constraints of each is key to applying them successfully.” ‘
The press release is not crystal clear regarding who the audience is for this presentation, but the perspective on encryption versus tokenization is significantly different between merchants, acquirers, issuers and networks.
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
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