A special report from Boston Retail Partners has revealed the impact of security breaches on retailers.
A new report from Boston Retail Partners (BRP) has revealed that the threat of data security breaches is consuming retailers’ resources. 53% of retailers are planning to implement EMV compliance (Europay, MasterCard and Visa) within the next 12 months; however, only 22% of retailers currently support this capability.
According to the BRP SPECIAL REPORT: Payment/Data Security in an Omni-channel World, 38% of retailers indicate that payment/data security is a top priority.
“Hackers and fraudsters are becoming increasingly sophisticated; requiring retailers to reanalyze and revamp their current security protocols in order to adequately protect the interests of themselves and their customers,” said Perry Kramer, vice president and practice lead, Boston Retail Partners. “The good news is that retailers realize the magnitude of payment risks and continue to focus resources to lock-down payment and data security across all touchpoints.”
“While the use of EMV-compliant payment solutions weakens the incentive for thieves to steal credit card information by requiring that the physical card be present at the transaction, EMV adoption in and of itself does not do anything to actually reduce the risk of a breach,” said Ryan Grogman, vice president, Boston Retail Partners. “The most effective approach for securing payment card transactions is a multi-tiered approach which includes implementing end-to-end encryption (E2EE) and tokenization in addition to support for EMV.”
This Special Report provides insight into BRP’s 2016 POS/Customer Engagement Survey and highlights the payment security objectives and challenges facing leading retailers today. Specifically, this report addresses topics such as: EMV compliance progress, alternative payment type adoption, payment card processing architecture approaches and the increased shift to online fraud.