Encryption for the Financial Industry

Many years before data security became job one for just about every industry, financial services companies were encrypting sensitive data, now known as PII – personally identifiable information. That’s how Prime Factors got started – providing custom data security solutions to the financial services industry starting in 1981. Since then we’ve worked with hundreds of financial services companies to meet their needs for data encryption, tokenization and key management solutions based on rock-solid software.

Eight of the top 10 largest financial institutions in North America are Prime Factors customers.

The understanding we have gained over the years is reflected in the development of EncryptRIGHT®, which provides flexibility to accommodate a broad range of use cases required by financial institutions. Use cases range from (simple to complex) field-level encryption to protect PII to tokenization or encryption to meet PCI requirements to key management to meet internal security auditors’ requirements.

EncryptRIGHT meets the following high-level requirements prevalent in the financial services industry:

  • PCI data encryption and key management compliance
  • Multiple-platform support
  • Comprehensive – data encryption, tokenization and key management in one package
  • Support for field-level, file-level and application-level encryption
  • Transparent database encryption (TDE)
  • An easy-to-use API for large, sophisticated requirements
  • A set-up guide for small to medium sized projects that don’t require extensive technical resources

PCI compliance has a significant impact on the data security strategy of financial institutions. This link will take you to a detailed explanation of how EncryptRIGHT meets PCI requirements for encryption and key management. Want to learn more about EncryptRIGHT?