B2B Payments

Government Orgs Are 30 Percent Of Data Theft Victims

High-profile and damaging payment data hacks in the U.S. are leading employers to limit their workers’ access to sensitive data, according to a new report from ACI Worldwide.

The company released its “2018 Global Payments Insight Survey: Bill Pay Services” report on Monday (April 9), which explored how organizations react to the rising threat of data breaches.

According to the results, one in five businesses surveyed said they had already been hit with a payments data breach in the last year. More than 80 percent said the threat caused them to introduce some kind of new security framework, and 79 percent said they have decided to limit employee access to customer data.

The survey focused on executives at billing organizations, like healthcare, higher education and consumer finance, the company noted.

Among the organizations that had fallen victim to payment data theft, 30 percent were at government organizations — higher than any other category, including consumer finance (26 percent) and healthcare (25 percent).

Overall, organizations believe they’re facing a higher risk of payment data breaches than they were this time last year.

“Security has clearly become a focus for organizations as it relates to billing and payments, and with good reason,” said Steve Kramer, VP, ACI Worldwide, in a statement. “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.”

More than 70 percent of businesses that have already been a victim of data theft said they plan to increase their payments technology investments this year. Nearly three-quarters said they plan to migrate more of their firms’ payment software to the cloud. Survey respondents also largely reflected ongoing investment in mobile payment technologies, while voice payments are also in the docket.

“This year’s survey has revealed that the balance between prioritizing customer experience and protecting against data compromise has tipped toward security,” said Kieran Hines, head of industries at Ovum, in another statement. “While addressing security risks will remain a top priority, delivering both a low-risk and low-friction customer experience will continue to drive investment in modern payments and security technology.”

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