QUICK HIT: Do Something About Data Theft

Newly released data from ACI Worldwide and Ovum shows that more than 80 percent of organizations that have been impacted by a data breach have introduced a new security framework and 79 percent have reduced employee access to customer data.

That's certanly a start but is it enough considering that one in five organizations has experienced theft of payments data in the past 12 months? 

Comprised of responses from executives at billing organizations including those within the consumer finance, healthcare and higher education sectors, also revealed that over 70 percent of organizations that experienced theft of payments data intend to increase their investment in payments technology in 2018.

“Security has clearly become a focus for organizations as it relates to billing and payments, and with good reason,” said Steve Kramer, vice president, ACI Worldwide. “The potential reputational and financial costs that could be incurred because of a breach are a major concern. Organizations must protect themselves with advanced technologies such as point-to-point encryption, tokenization and a private cloud.”