Why a change might do you good

02 September 2014

This week a new report suggested that Brits are more likely to change their wife or husband than their PINThe survey by Intelligent Environments found that 19 per cent of respondents had not changed their PIN in more than 15 years, a lot longer than the average marriage.

However, there is increasing concern around the security of the PIN; consumers rarely change it, which opens them up to criminal activity when using cash machines.
And it’s not just PIN security which is a major security issue for consumers as breaches in the retail and hospitality sectors demonstrate.
Vulnerable and under continuous assault, payment data remains one of the easiest types of data to convert to cash, and therefore the preferred choice of criminals. 74% of attacks on retail, accommodation and food services companies target payment card information.

Per company, the average cost of a breach is £2.21m, up 8% on 2013, due mostly to increased customer churn, proving that consumers are becoming more aware of payment security and voting with their feet.
Retailers are spending more money, more often, on ensuring they are PCI DSS compliant across their business. And the latest version three standards released by the council have led to another wave of merchants looking to or feeling they might have to replace their equipment or software.

The Chip and PIN terminal estate in most retailers will fall out of PCI-PTS compliance which will mean support for a new model of terminal will be required. And with Operating System support for XP comes the issue of end of life which will mean many retailers having to consider upgrades and, as part of that work it is likely aging Point of Sale estate will not support Windows 7 or 8.
The need to update in-store equipment and software to ensure customer data is closely protected will never go away but by looking at different solutions such as the Vodat Unified Payment Service there are ways to provide easier integration at the same time as reducing scope for PCI DSS compliance and the associated cost for retailers.

1 Verizon, Data Breach Investigations Report, 2013
2 IBM/Ponemon Institute, Cost of Data Breach Study: United Kingdom, 2014

Why a change might do you good

This week a new report suggested that Brits are more likely to change their wife or husband than their PINThe survey by Intelligent Environments found that 19 per cent of respondents had not changed their PIN in more than 15 years, a lot longer than the average marriage.

However, there is increasing concern around the security of the PIN; consumers rarely change it, which opens them up to criminal activity when using cash machines.
And it’s not just PIN security which is a major security issue for consumers as breaches in the retail and hospitality sectors demonstrate.
Vulnerable and under continuous assault, payment data remains one of the easiest types of data to convert to cash, and therefore the preferred choice of criminals. 74% of attacks on retail, accommodation and food services companies target payment card information.

Per company, the average cost of a breach is £2.21m, up 8% on 2013, due mostly to increased customer churn, proving that consumers are becoming more aware of payment security and voting with their feet.
Retailers are spending more money, more often, on ensuring they are PCI DSS compliant across their business. And the latest version three standards released by the council have led to another wave of merchants looking to or feeling they might have to replace their equipment or software.

The Chip and PIN terminal estate in most retailers will fall out of PCI-PTS compliance which will mean support for a new model of terminal will be required. And with Operating System support for XP comes the issue of end of life which will mean many retailers having to consider upgrades and, as part of that work it is likely aging Point of Sale estate will not support Windows 7 or 8.
The need to update in-store equipment and software to ensure customer data is closely protected will never go away but by looking at different solutions such as the Vodat Unified Payment Service there are ways to provide easier integration at the same time as reducing scope for PCI DSS compliance and the associated cost for retailers.

1 Verizon, Data Breach Investigations Report, 2013
2 IBM/Ponemon Institute, Cost of Data Breach Study: United Kingdom, 2014