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BizReport : Research archives : February 01, 2016

Research reveals global lack of payment data security

A global study of I.T. security practitioners commissioned by digital security firm Gemalto reveals a lack of confidence in securing mobile transactions and increasing risks to payment data.

by Helen Leggatt

The research involved a global study of 3,700 I.T. security practitioners, conducted by the Ponemon Institute. It found that more than half (54%) of the companies taking part had suffered a breach involving payment data an average of four times in the past two years. Despite this, payment data security was not among the top five security concerns of those companies.

Furthermore, more than half (55%) admitted to not knowing where payment data is stored, or located - 28% of respondents saying responsibility is with the CIO, 26% saying it is with the business unit, 19% with the compliance department, 15% with the CISO, and 14% with other departments.

According to the study, 'Global Study on the State of Payment Data Security', acceptance of new payment methods such as mobile, contactless and e-wallets will double over the next couple of years. While mobile payments currently account for just 9% of all payments, according to respondents that is set to increase to 18% within two years. Yet, nearly three quarters (72%) believe these new payment methods are putting payment data at risk and 54% do not believe that, or are unsure of, their organisation's existing security protocols are capable of supporting these platforms.


Jean-Francois Schreiber, Senior Vice President for Identity, Data and Software Services at Gemalto says the findings are a wake up call.

"Given what was found with traditional payment methods and data security, companies involved with payment data must realize compliance is not enough and fully rethink their security practices, especially since a full one-third of those surveyed said compliance with PCI DSS is not sufficient for ensuring the security and integrity of payment data," says Schreiber. "The financial fallouts from data breaches, and the damages to corporate reputation and customer relationships will carry even greater potential risk as newer payment methods gain adoption."

Image via Shutterstock

Tags: data security, mobile payment, payment technology

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