Study Finds Payment Executives at Security Crossroads

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Responsibility

Responsibility for protecting customers is unclear.

Amidst a shifting regulatory landscape and the upcoming liability shift in October, the study found ambiguity in who should be held responsible for ensuring the security of consumer data. Respondents found the two stakeholders most responsible for ensuring the security of payments systems are banking institutions (45 percent of respondents) and credit card companies (40 percent).

While these organizations can affect change, organizations shouldn't rely solely on banks and credit companies to protect consumers. In the event of a data breach, companies should take steps to proactively communicate with their customers about how to protect themselves and detect fraud. Experian Data Breach Resolution was pleased to see most of the survey respondents recognize their responsibility to protect their customers, as 61 percent indicated they provide identity theft protection and fraud resolution services as a best practice following a breach.

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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