Credit card firms need encryption strategy

By UK CreditCards.com

Credit card encryption

UK firms should employ encryption strategies in order to protect customer credit card details, a new report indicates.

A study conducted by The Ponemon Institute and released by the PGP Corporation, shows that 70% of companies have experienced some form of data breach over the past year, up 10% on the previous 12 months.

However, the survey also found that over a third of firms who had even a partial encryption strategy in place suffered no breaches from hackers at all.

Phillip Dunkelberger, president and chief executive of PGP Corporation, commented: "It's clear that UK organisations recognise the need to protect customer information and other valuable data assets, but while their intentions may be good, not all of them are doing everything it takes to make this a reality.

"This study underlines the critical importance of implementing an encryption strategy that encompasses all aspects of an organisation's data."

Financial services firms, including credit card providers, were also found by the survey to face the heaviest risk of data breach.

On average, each of these companies suffered 3.11 such incidents over the past year.ADNFCR-2308-ID-19258000-ADNFCR

Published: 13 July 2009