Study Finds Payment Executives at Security Crossroads

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New Payment Technologies

New payment technologies bring promise, but increase risk.

Professionals in the payments industry are approaching new innovations with caution and are concerned that introducing untested technology will increase the risk of a breach. For reference, 59 percent of executives in the payments sector expect mobile payments in stores to increase the risk of suffering a breach, and more than half (54 percent) expect near field communications technology to increase security risk.

Even while security concerns loom, new technologies are being deployed because they offer vastly improved customer convenience. Throughout the study, Experian Data Breach Resolution found that a large percentage of companies are likely to keep moving forward with deployment of new technologies despite concerns about security. More than half of respondents say customer convenience was a higher priority to their organization than security. This is a red flag for security professionals as it could open the company up to more risk. Educating C-level executives and board members of potential security risks is a good first step before adopting new technologies. Careful consideration should also be made when adopting new technologies to ensure that consumer data is secure through the transition.

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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