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Tag Archives: data breach

Data Breaches—Who is to Blame?

With the ongoing news coverage of major security breaches, consumers are being reminded that cardholder data isn’t as secure as it should be. For merchants and issuers, this poses questions about how this is affecting U.S. consumer behavior. How aware are consumers about these data breaches? More importantly, who are they putting at fault?

A recent survey of 1,000 consumers conducted by TSYS showed interesting information about who consumers find responsible for the breach—whether it be the merchant or the issuers and card networks. Here are a few key takeaways from the survey:

Who is aware of recent data breaches?
83 percent of the survey’s respondents said they were aware of the recent breaches and 75 percent said they learned about them through media coverage.

Who are consumers holding responsible for the breaches?
About 64 percent of consumers said they hold the merchants responsible for the breaches, while 28 percent said the banks and card networks are at fault. Additionally, 67 percent said they expected their banks and card networks to notify them when incidents like this occur. But in regards to making up for the damage and making things right, 61 percent said it is up to the banks and card networks.

How are consumers responding to the recent breaches?
Of the respondents, 88 percent said consumers should play a role in protecting themselves against a security breach. About 31 percent said they’d be willing to pay for additional security. Additionally, 63 percent of respondents said they’d switch banks to one that offered better security features, and 71 percent said they would switch banks to one that guaranteed all losses would be reimbursed.

data breaches

Is the Fallout from Data Breaches Increasing EMV Commitment?

You’d be hard pressed not to notice the increasing number of data breaches in the business papers today. Whether it’s a giant retail store or a healthcare organization, companies are scrambling (unfortunately, after the fact) to ensure their processes and systems are secure.

In a recent article by Digital Transaction magazine, it stated that the recent data breaches have spurred debit card issuers into action, a group that once was reserved around EMV adoption.  The article goes on to state that 67% of debit issuers now plan to offer EMV cards in 2015.

And while these PIN and Chip cards offer more security than magnetic strip cards, is EMV the ultimate answer to ensure a breach doesn’t occur in your organization?

The short answer is no. While they are part of an overall data security strategy, protecting cardholder data is not an easy, one-stop fix. Technology exists beyond encryption to ensure cardholder data never touches your ERP system, legacy applications and web stores.

It’s called tokenization and not all tokenization is created equal. Make sure when looking at solution providers that offer this technology that it can easily integrate with your existing processors, saving you time and money.

EMV is here to stay, but it’s not the final word in data security.

5 Data Breach Statistics Worth Knowing

By now, you probably know that the Target breach was one of the largest breaches of consumer data in American history. But in the time since, cybercrime has thrived and businesses are paying the price.

Six months after the Target data breach, the statistics are astonishing. Here are 5 worth knowing:

  1. Since the Target breach, there has been a major data breach discovered almost every month. Those breaches include Michaels Stores, Sally Beauty Supply, Neiman Marcus, AOL, eBay and P.F. Chang’s Chinese Bistro.
  2. A recent Ponemon Institute survey estimates 47 percent of all American adults have been affected by data breaches in the last year, with an estimated 432 online accounts being affected.
  3. There were more than 600 reported data breaches in 2013., a 30 % increase over 2012.
  4. The retail industry was the number one target, with nearly 22 percent of network intrusions occurring at retailers, according to the Verizon 2013 Data Breach Investigation Report.
  5. Cybercrime has cost the global economy $575 billion and the U.S. economy $100 billion annually, making the U.S. the hardest hit of any country, according to a report from Intel Security and the Center for Strategic and International Studies.

It’s crucial, now more than ever, to take precautionary steps to ensure valuable information is safe from cybercriminals. With Paymetric and its integrated and secure electronic payment and data security solutions, you can protect your organization and mitigate the risk of fees, fines and legal costs associated with a data breach.

 

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