Study Finds Payment Executives at Security Crossroads

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High Stakes Security

In the wake of last year's payments breaches, the stakes are high for professionals tasked with securing customer data. Sixty-nine percent of executives surveyed said media coverage of payment breaches over the past year caused their organizations to re-evaluate and prioritize security – and they should. Research from IBM indicates companies are attacked an average of 16,856 times per year, and threats are not going away any time soon.

It is good to see businesses prioritizing security, but more needs to be done. Companies should have a well-practiced data breach response plan in place, invest in regular security training for employees, and increase industry collaboration on how to secure new technologies. Only 39 percent indicated that their companies are investing in employee training despite the fact that employee negligence is a primary contributing factor for data breaches.

Ask anyone in the payments industry how they are feeling about technology innovation, and you will get a mixed response. Many are embracing new customer convenience options such as mobile payments, virtual currencies, and the deployment of chip and PIN – yet, a new survey found a majority of executives believe pressure to migrate to these new payments systems puts customer data at risk.

According to Experian Data Breach Resolution's report, "Data Security in the Payments Ecosystem," retailers, financial institutions, payment processors and credit card brands responsible for delivering new payments systems in the U.S. are at a security crossroads. While the potential customer benefit of new technologies is significant, it remains to be seen if security risks will serve as a corporate barrier to adoption. Faced with the fallout of several large payment breaches over the last year, executives are faced with even more scrutiny to protect customer data.

In the following slideshow, Michael Bruemmer, vice president, Experian Data Breach Resolution, examines six key study takeaways for security decision-makers to consider when evaluating new payment technologies, exploring the impact of recent mega breaches on data breach response, as well as the path forward on how businesses can work together to improve security while delivering customers the payment options they want.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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