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Upcoming payment card technology changes concern IT execs

Posted On: May. 6, 2015 12:00 AM CST

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.”