Posted by: RAH Infotech | February 1, 2016

Global study shows increasing security risks to payment data and lack of confidence in securing mobile payment methods

54% of surveyed IT professionals said their companies had a data breach involving payment data, four times in past two years in average

With acceptance of mobile and other new forms of payments expected to double in the next two years, a new global study shows a critical need for organizations to improve their payment data security practices. This is according to a recent survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors independently conducted by the Ponemon Institute on behalf of Gemalto, the world leader in digital security.

Key Findings
According to the independent study on Payment Data Security, over half (54%) of those surveyed said their company had a security or data breach involving payment data,  four times in past two years in average.​

This is not surprising given the security investments, practices and procedures highlighted by the surveyed respondents:

  • 55% said they did not know where all their payment data is stored or located.
  • Ownership for payment data security is not centralized with 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.​
  • 54% said that payment data security is not a top five security priority for their company with only one third (31%) feeling their company allocates enough resources to protecting payment data.
  • 59% said their company permits third party access to payment data and of these only 34% utilize multi-factor authentication to secure access.
  • Less than half of respondents (44%) said their companies use end-to-end encryption to protect payment data from the point of sale to when it is stored and/or sent to the financial institution.
  • 74% said their companies are either not PCI DSS compliant or are only partially compliant.

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