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Could Retail Cyber Attacks Pay For Modernized Payment?

There is a school of thought that says a little destruction is not a bad thing, as such clearings brought on by destruction often offers human creativity the opportunity to flourish while solving a problem.  If ones creative mind is bent toward solving security problems, that 2014 has been a banner year for spurring creativity has the running tally of merchants, banks, healthcare providers and governments sites to fall at the hands of hackers is getting longer every day. 

That is the argument made by CRN News , the deluge of security breaches may finally be thing thing  that rockets data protection technology into high gear.  As an added bonus, opportunities for solution providers that specialize in data security, compliance assessments and modern payment terminal deployments will also emerge, as the need for the services becomes more apparent.  

“Encryption needs to happen in the terminal hardware and it’s a technology that might have prevented many of these recent breaches,” Camejo said. “Until now, most merchants look at the price tag of point-to-point encryption and decide not to do it,”said Chris Camejo, director of consulting and professional services at NTT Com Security. 

Being breach, and the pubic outcry that generally follows it, also has a tendency to motivate merchants concerned about keeping hold of their customer base to make upgrades to security quickly and completely.

Target is spending $148 million on security improvements this year and Home Depot, in the wake of its own breach, has announced an intention to switch to EMV technology ASAP.

“If I’m in charge of security at an organization that has been breached, I would pull out my playbook of potential technology upgrades that I was always going to implement, because this is where budgets are opened up to address security,” said Massachusetts based security expert Bob Doyle.

 

 

 

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