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Upcoming payment card technology changes concern IT execs

Upcoming payment card technology changes concern IT execs

The pressure to migrate to new payment card systems puts customer data at risk, say 68% of information technology specialists in a recent survey about data security in evolving payment systems.

The survey of 748 U.S.-based IT officials was conducted by Traverse City, Michigan-based Ponemon Institute L.L.C. for Experian Data Breach Resolution, a unit of Costa Mesa, California-based Experian Information Solutions Inc.

Despite reservations about migrating the data, however, 59% of respondents cite chip and PIN cards as an important part of their organization’s payment strategy, and 53% of respondents believe the cards will decrease or significantly decrease the risk of a data breach, according to the survey, which was released Monday.

Credit card companies have set an October deadline for the switch to chip-enabled cards, which have embedded computer chips and are more difficult to copy.

Among other survey results, only 16% of respondents feel companies are very effective in breach response, “which suggests much room for improvement in responding to the aftermath of a major incident,” according got to the survey report, “Data Security in the Evolving Payments Ecosystem.”

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