Study Finds Payment Executives at Security Crossroads

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Security Concerns

Security concerns are leading to action.

Facing unprecedented threats and new security challenges, the good news is that the payments industry is taking steps to respond. In response to recent breaches, 45 percent of payment companies have increased their security budget. Sixty-seven percent of survey respondents said their C-level executives are more supportive of enhanced security measures to protect payments information. Businesses need to continue down this path by ensuring that the security discussion starts at the board level, and recognize that no technology will be a cure for all data breach threats.

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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