Encryption is the process of transforming information from cipher text to plain text. This is an oversimplified 
definition for the complex process of protecting data. Encryption is complex because it is used to protect sensitive information such as personal records, social security numbers and secret military information. Encryption is a security system for data. It is a way to code text to make it unreadable to those that do not need to have the information. Specific knowledge and passwords are needed to accurately decode encrypted data. The concept of encryption has been used for many years to protect confidential information.
In the digital age encryption is a necessity for protection of consumers. Shopping online and conducting banking and financial transactions online is an everyday occurrence in today’s world. Credit card use has skyrocketed because of the convenience of plastic verses cash and the ease of shopping online. In most cases convenience does not come without a price. Even the most confidential of data is never 100 percent secure, despite the most secure of systems.
The media has been on the forefront informing the public of several examples of occasions where personal data and security systems being broken through by hackers and “cybercriminals”. These hacks effect businesses as well as individuals by causing millions of dollars in lawsuits, investigations and costs associated with the overhauling of compromised credit card processing systems. It is in the best interest of businesses that deal with credit card transactions to be proactive in their approach to security and confidentiality. The risk to not encrypting data could be the single downfall of any business. If businesses can bounce back from a breach of information financially, often times the reputation is so damaged that consumers may not trust them with their personal information. These breaches of confidential information have occurred because of gaps in the software used for encrypting and security credit card information. Typically on each occasion measures were taken by the vendor to increase security for that particular store; however this has not had enough of an impact to push all industries to institute additional measure to ensure their systems are secure. There has been talk of legislation being put into place to force regulations on encrypting data.
There is significant evidence that using encryption results in increased protection. Even so, using encryption and secure software credit card information is still always a risk. The risks become far less prevalent with the use of encryption than without it. It is often difficult to determine how or when information becomes compromised which leads to a grueling investigative process. It is safe to say that those who are hacking into systems are both knowledgeable and savvy, typically more so than the average credit card user or lender. In the sophisticated world of technology, it pays to go the extra mile with precautions. Personal information getting into the wrong hands can have devastating and costly effects on consumers and businesses. As technology becomes more advanced the need for encryption and systems to protect confidentiality and data must continue to remain one step ahead.
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