Cutting the Cost for Information Security, Compliance, and Audits
US PATENT NO. 10,389,688 B2
US PATENT NO. 10,757,080
Organizations are required to comply with privacy laws and compliance standards such as PCI/DSS, HIPAA, GDPR, and CCPA, FISMA, NIST 800-53, and except this as the cost of doing business. Determining which rule and regulation apply to the unique needs of the organization is no easy task. Rixon Technology compresses the compliance footprint by converting the data into a useless token. By doing this, the tokenized data is no longer exploitable, which in the simplest terms, dramatically reduces the scope and cost of compliance and Information Security.
What is Vaultless Tokenization
Tokenization is the process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security. Vaultless Tokenization is a method of providing the substitution solution without vaulting or storing the raw data.
Whether or not to implement a security solution always boils down to cost. “How much risk is acceptable vs. the cost of prevention?” It’s a simple formula really; if the cost of protecting against vulnerability is higher than the estimated loss due to a breach incident, then it’s beneficial to accept the risk, otherwise try to mitigate, avoid, or transfer it.
By using the patented Rixon Technologies Vaultless Tokenization, an organization can potentially save on their cost of Security, Privacy, and Audits. If it’s not the data governed by the law or standard, it is out of scope.
When considering the cost of a solution, organizations also have to look at the full cost of ownership. Some of these costs include implementation cost, purchase and licensing of supporting hardware, licensing of virtualized infrastructure, monitoring, and measuring the solution, turning the solution the organization SLA’s. Organizations also have to consider investing in human capital who maintain, understand, and can operate the solution, and the list goes on. Moreover, in many cases, the organization learns that even with human resources and finical capital invested in a solution, the actual risks are never adequately addressed.
Experts say that cybercriminals are increasingly targeting the healthcare industry for data theft. In general, most healthcare providers use antiquated IT infrastructure and low-security requirements as compared to other industries. Combine that risk with the massive storage and housing of PII and ePHI (which is one of the most valued customer information assets on the black market today) and you have an industry ripe for the taking. Our Vaultless tokenization services can be used to protect all data types required by HIPAA that is structured. Substituting the real data with tokens or masked values at rest, in transit, and during use significantly reduces the data exposure.
Insurance firms must usually conform with numerous industry regulations and government mandates such as the California Consumer Protection Act, CCPA, and Gramm-Leach-Bliley Act. However, as in other industries, much of the competition for market share is based on reputation; it is paramount to their brand that they are recognized by their customers as a trusted business partner. A significant competitive advantage that an insurance provider can have over others by using our services, is a peace-of-mind that their customer’s information is secure and protected and at a minimum of expense and overhead. Using our EVT (TaaS) services information used during underwriting claims processing, human resources, and payment processing can all be safely protected.
The organizations in the government sector are often targets for attackers because they store and process large quantities of sensitive Personally Identifiable Information (PII) of their citizens. Our Tokenization as a Service (TaaS) solutions can be used to further improve security and significantly reduce the risk of data exposure and data breach.
Defense agencies worldwide are often a target for cyber-attacks, data breaches, and malicious insider users due to the vast quantities of sensitive Personally Identifiable Information (PII) of their citizens and the organizations themselves. The security of this data is critical to the citizens and to the government organization that has assigned to protect it. Our Tokenization as a Service (TaaS) solutions can be used to minimize risk, promote robust data security for these organizations, and improve the security and ensure the safety of government personal and the citizens these organizations protect.
Finance and Banking
Finance firms and institutions must usually conform with numerous industry regulations and government mandates such as the Banking and Regulatory oversite. They must also contend with the Consumer Protection Act, PCI DSS, the Gramm-Leach-Bliley Act, and the Dodd-Frank Wall Street Reform. However, as in other industries, much of the competition for market share is based on reputation, it is paramount to their brand that their customers recognize them as a trusted business partner. A significant competitive advantage that an insurance provider can have over others by using our services is a peace-of-mind that their customers’ information is secure and protected and at a minimum of expense and overhead. Using our EVT (TaaS) services information used during underwriting claims processing, human resources, and payment processing can dramatically improve the security of their client’s data that these organizations use and oversee. This process will keep your client’s data more secure with this robust modernized method for protecting PII and will ensure the protection of your maintain brand reputation.