Study Finds Payment Executives at Security Crossroads

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Chip and PIN

Companies don't view chip and PIN as a silver bullet to solving data breaches.

Despite reports that chip and PIN payment cards are the most successful in reducing fraud, surprisingly only 53 percent of professionals in the payments sector believe it will actually decrease their risk of suffering a data breach. As companies work to adopt EMV deployment in time for the October liability shift, retailers should be on high alert as hackers will look to capitalize on companies making the transition, and those who are left behind. Because the October 2015 deadline to adopt the new technology was publicly announced, cyber thieves have likely already identified vulnerabilities they can target in the infrastructure. Businesses will also want to be wary that consumers may get a false sense of security with the new technology.

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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