COSTA MESA, Calif.,
May 4, 2015 /PRNewswire/
-- Experian Data Breach Resolution and Ponemon Institute
release the first industry study that closely examines payment
technologies and how companies are managing the growing threat of
data breaches. The study, Data Security in the Evolving Payments
Ecosystem, asked professionals to weigh in on several topics
including who should be responsible for securing payment systems
and how effective their organizations is in preparing for and
responding to a payment card breach.
"The mega payment card breaches last year put cybersecurity
front and center for corporate America and consumers," said
Michael Bruemmer, vice president,
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."
Study findings cover different aspects of the payment ecosystem,
including:
New technologies bring consumer convenience and increased
security concerns
- Most executives support implementation of EMV "chip and PIN"
technology, with 59 percent 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 percent) believe EMV cards will decrease the risk
of a data breach.
- Payments industry executives acknowledge the consumer
convenience of new innovations, but are approaching new technology
with caution. More than 50 percent of survey respondents believe
the use of mobile payments systems increases the risk of suffering
a data breach. More than half accept that risk (53 percent) and
noted that, for their company, customer convenience is more
important than security.
- Sixty-four percent of survey respondents believe it is more
challenging to secure payment card information that other
personally identifiable information.
Pressure to act is increasing
- 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.
- Prioritizing breach prevention and response is gaining
traction; 45 percent of survey respondents increased their security
budgets. In addition, 41 percent hired more security staff, and 54
percent invested in new security technologies.
- Companies are seeing increased attention from the c-suite, with
67 percent of survey respondents saying their executives are more
supportive of enhanced security measures to protect payment
information.
The Path Forward: While progress has been made, industry
collaboration is lacking
- Companies are investing in and taking steps to prevent future
breaches included an increase in employee training (65 percent of
survey respondents) and improving or putting a data breach response
plan in place (56 percent of survey respondents).
- Payment professionals recognize that individual breach
preparedness is not enough and solving current and emerging
security concerns can't be the job of a single entity. There is
consensus on the need for cooperation, with 85 percent of survey
respondents agreeing that industry collaboration is critical to
achieving a high level of security in the emerging payment
ecosystem.
- And there is certainly room to grow, as the current level of
industry collaboration is considered minimal (30 percent of
respondents) to nonexistent (20 percent).
To access the full complimentary report, Data Security
in the Evolving Payments Ecosystem, visit
http://bit.ly/1Fc7mGB.
Additional data breach resources, including Webinars, white
papers and videos, can be found at
http://www.experian.com/databreach. Read the Experian Data Breach
Resolution blog by visiting http://www.experian.com/dbblog.
About Experian Data Breach Resolution
Experian Data Breach Resolution, powered by the nation's largest
credit bureau, is a leader in helping businesses prepare for a data
breach and mitigate consumer risk following breach
incidents. With more than a decade of experience, Experian
Data Breach Resolution has successfully serviced some of the
largest and highest-profile data breaches in history. The
group offers swift and effective incident management, notification,
call center support and fraud resolution services while serving
millions of affected consumers with proven credit and identity
protection products. In 2013, Experian Data Breach Resolution
received the Customer Service Team of the Year award from the
American Business Awards. Experian Data Breach Resolution is active
with the International Association of Privacy Professionals, the
Health Care Compliance Association, the American Health Lawyers
Association, the Ponemon Institute RIM Council and InfraGuard and
is a founding member of the Medical Identity Fraud Alliance. For
more information, visit http://www.experian.com/databreach and
follow us on Twitter: @Experian_DBR.
About Experian
We are the leading global information services company,
providing data and analytical tools to our clients around the
world. We help businesses to manage credit risk, prevent fraud,
target marketing offers and automate decision making. We also help
people to check their credit report and credit score, and protect
against identity theft. In 2014, we were named by
Forbes magazine as one of the "World's Most Innovative
Companies."
We employ approximately 16,000 people in 39 countries and our
corporate headquarters are in Dublin,
Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and
is a constituent of the FTSE 100 index. Total revenue for the year
ended March 31, 2014, was
US$4.8 billion.
To find out more about our company, please visit
http://www.experianplc.com or watch our documentary, "Inside
Experian."
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian Information Solutions, Inc. Other
product and company names mentioned herein are the property of
their respective owners.
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SOURCE Experian