Intel recently released a solution brief citing its collaboration with NCR Corporation to develop an end-to-end encryption system for consumer and financial data. The collaboration especially targets mobile and smart devices that are finding increasing use in retail and financial services day by day. As per an IDC white paper, it was estimated that enterprise businesses had spent $114 Bn to deal with malware-related cyberattacks in 2013.
From time to time, we come across reports of compromised data affecting consumers and businesses alike. Intel and NCR believe that the security solutions being implemented so far have not been able to keep track with emerging technologies and thus, they are not robust enough to offer complete protection. Now a combination of Intel Data Protection Technology for Transactions and NCR DataGuard will act as a hardware-software tool to provide a secure encrypted pipeline for personal data on open platforms in retail and financial services.
The new system will try to make up for the vulnerabilities that still do exist in current technologies like EMV, credit-card authorization and tokenization. The new system aims to create a complete secure pathway between the transaction endpoints, the point-of-sale system and the server networks. The end-to-end solution will protect data right from the moment when information is generated until the point where the encrypted information is processed in secure data centers.
The software part of the solution will run on secure silicon that comes embedded in Intel’s second and third-generation core processors. The full solution is set to be available to retailers in the first half of 2015 starting with U.S. Intel claims that this new solution would work across all types of retail POS systems that come with embedded Intel processors. A good thing is that the new system would support current payment systems pertaining to credit and debit payment which involves magstripe, EMV and NFC readers and methods such as Apple Pay.
Intel Data Protection Technology for Transactions is poised to protect consumer data, prevent malware attacks and provide retailers with flexible and future-proof solutions. Intel and NCR, in collaboration, would expand this technology geographically and make it relevant across multiple sectors.
Speaking of practical implications, the new solution would target retail transactions in early phases and in later phases, it would include banking transaction systems such as ATMs and other transaction based consumer-facing industries. We might come across scenarios in the future where this new solution could be implemented for airport passport and identification handling or maybe dealing with patient prescriptions at pharmacies.
The adoption of mobile and smart devices for payments has faced some barriers in the past due some security concern or another. With Intel citing its ‘obligation’ to address such concerns, things probably would get better. NCR will also step in along with Intel to offer protection in areas where data could be of value to hackers and cybercriminals.