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Technology / Cybersecurity

Study urges consumers to protect themselves from identity theft

Consumer are being warned that Innovation in payment technologies is outpacing the security to prevent data breaches and that they must protect themselves from identity theft.

Over 50% of people believe that the use of mobile payments systems increases the risk of having a data breach, while customer convenience is more important than security for 53%.

Media coverage of payment breaches in the last year forced 64% of organisations to re-evaluate and prioritise security.

Security budgets have been increased 45% of survey respondents, while 41% appointed more security staff, and 54% invested in new security technologies.

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67% of those sampled said their executives support better in improving security measures to protect payment data.

A study, Data Security in the Evolving Payments Ecosystem, was undertaken by Experian Data Breach Resolution and Ponemon Institute.

Experian Data Breach Resolution vice president Michael Bruemmer said: "The mega payment card breaches last year put cybersecurity front and center for corporate America and consumers.

"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."

With organisations suffering an average of three data breaches in the last two years involving an average of 8,000 customer records a survey found 59% of respondents suggested that the deployment of EMV chip and PIN technology is a key part of their organisation’s payment strategy, while 53% believe EMV cards will reduce the risk of a data breach.

According to survey, 64% of people feel that it is more challenging to secure payment card data than other personally information that can be identified.
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CBR Staff Writer

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