News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Report: Companies Finally Getting the Message on Security, Online Payments Most Vulnerable – May 12, 2015

Report: Companies Finally Getting the Message on Security, Online Payments Most Vulnerable

May 12, 2015

Report: Companies Finally Getting the Message on Security, Online Payments Most Vulnerable Online purchases are the most vulnerable point for network security in the payments ecosystem, according to a recent survey by Experian Data Breach Resolution and the Poneman Institute. Thirty-four percent of those polled identified online payments as the most vulnerable when compared to the point of sale (25 percent), mobile payments (24 percent) and self-serve kiosks (16 percent). The survey took a look at network security from the perspective of payments executives and still found increasing pressure to implement new payments technologies quickly, even at the expense of security. Although, the report said, awareness and prioritization of security is rising.

Nearly 70 percent of executives polled said the intense media scrutiny of companies suffering data breaches over the past year caused their organizations to re-evaluate the priority given to network security and 45 percent increased their security budgets.

“The mega payment card breaches last year put cybersecurity front and center for corporate America and consumers,” said Michael Bruemmer, vice president of Experian Data Breach Resolution. “Companies in the payments industry face a huge challenge keeping up with securing new technologies to protect customer data and with cybercriminals who are trying to penetrate card systems 24-7. However, they are taking the right steps to shore up their defenses and prepare their incident response plan. Companies are concerned about the effect on consumers so it is encouraging to see a majority of respondents believe offering identity theft protection is a best practice in the event of a breach.”

  • Share this Article:

Daniel Leibovitch