A new survey finds more than 50% of professionals believe the use of mobile payments systems increases the risk of suffering a data breach. More than half accept that risk (53%) and noted that, for their company, customer convenience is more important than security.
The study, Data Security in the Evolving Payments Ecosystem, from Experian Data Breach Resolution and the Ponemon Institute, found most executives support implementation of EMV “chip and PIN” technology, with 59% of survey respondents indicating it is an important part of their organization’s payment strategy. However, EMV is not the security silver bullet payment professionals have been waiting for, as barely more than half of respondents (53%) believe EMV cards will decrease the risk of a data breach.
Sixty-nine percent of survey respondents said media coverage of payment breaches over the past year caused their organizations to re-evaluate and prioritize security. Also, prioritizing breach prevention and response is gaining traction; 45% of survey respondents increased their security budgets. In addition, 41% hired more security staff, and 54% invested in new security technologies. Companies are seeing increased attention from the c-suite, with 67% of survey respondents saying their executives are more supportive of enhanced security measures to protect payment information.
Experian Data Breach Resolution and Ponemon Institute says companies are investing in and taking steps to prevent future breaches included an increase in employee training (65% of survey respondents) and improving or putting a data breach response plan in place (56% of survey respondents).
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