The safety of mobile payment technologies is a point that’s been somewhat contentious for the last couple of years now, really.
While plenty believe there’s little if any risk involved, there are plenty of others that don’t feel likewise, and it’s keeping some out of the field altogether.
But a new study from Experian Data Breach Resolution and the Ponemon Institute suggests that it might be user expectations that are driving some of the risk involved in mobile payment technologies.
The study—titled “Data Security in the Evolving Payments Ecosystem”—took a look at several different fronts, perhaps the biggest of which was just who should be responsible for securing payment systems.
The results of the study offered quite a few noteworthy points, but one that really stood out was the revelation that over 50 percent of respondents believed that using mobile payments systems increased the risk of a data breach in a business’ operations.
But 53 percent of respondents not only accepted that risk, but also noted that customer convenience was more important than security.
Essentially, the study shows that many businesses believe that mobile payment systems actually make it easier for bad actors to engage in data breaches, but this is a risk that must be taken because consumers, in steadily increasing numbers, want mobile payment options.
This isn’t to say that the businesses in turn are taking the matter lying down; 45 percent of companies have reported increasing security budgets, 41 percent have actively hired more staff, and 54 percent have made investment in accompanying security technologies.
Sixty-seven percent of firms even noted that the executive levels are paying more attention to security in protecting payment information, if for no other reason than to prevent the maelstrom of negative public opinion that often follows a data breach.
In a sense, yes, it’s the consumer demand for mobile payment systems that makes a business’ data less safe. After all, the most secure building ever is the one that has neither door nor window, and mobile payments are a door that can be breached.
But by like token, a building without a door can never be entered in the first place, and without access, who can do business with the company? So there’s inherently a tradeoff between security and access; the less security, the greater access.
A balance must therefore be struck, and this is where security comes into help control access. While it may seem disingenuous to say that mobile payments are inherently a security risk, it is true, that allows for another channel of access, and it’s one that businesses must take for the sake of customers.