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As executives support EMV, half trust it for data breach prevention

Tuesday 5 May 2015 10:08 CET | News

Most executives support implementation of EMV technology but only half believe EMV cards will decrease the risk of a data breach, a recent report shows.

According to a research conducted by Experian Data Breach Resolution and Ponemon Institute, more than 50% 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%) and noted that, for their company, customer convenience is more important than security. 64% of survey respondents believe it is more challenging to secure payment card information that other personally identifiable information.

Findings indicate that 69% 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% of survey respondents increased their security budgets. In addition, 41% hired more security staff, and 54% invested in new security technologies.

Companies are 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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Keywords: EMV, payment security, online security, EMV, card security, credt cards, US, encryption
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime