One in Five Organizations has Experienced Payments Data Theft Over the Past 12 Months
Executive respondents prioritizing security following high incidence of payments data theft
Other findings from the study include, but are not limited to:
- Industry breakdown of payments data stolen in the past 12 months: 30 percent from government organizations, 26 percent from consumer finance, 25 percent from healthcare, 21 percent from higher education, 17 percent from insurance and 13 percent from utility organizations.
- Across all industries, 36 percent of organizations believe they are at a greater risk of data breach than a year ago. 44 percent agreed with the view that: “My company would not invest in fraud solutions that add friction to the customer experience.” This sentiment is down from 57 percent a year ago.
- More than 80 percent (82) of organizations believe real-time payments will bring cost savings – up from 48 percent the prior year – while 77 percent believe that real-time will bring improvements in their customer service.
- 72 percent of respondents expect to move more of their organizations’ payment software to the cloud in the future, an increase of nearly 20 percent from last year, reinforcing strong uplift in the popularity of cloud.
- Mobile-optimized electronic bills are the biggest current development area, with just under half (49%) of all organizations currently adding new capabilities.
- Payments from a mobile-optimized website (46%) and text message (42%) are also popular payment methods in development.
- Nearly 30 percent (28) of organizations are developing the voice payment features for consumers to trigger payments, with a further 19 percent interested in exploring this area in the future.
“Security has clearly become a focus for organizations as it relates to
billing and payments, and with good reason,” said
“This year’s survey has revealed that the balance between prioritizing
customer experience and protecting against data compromise has tipped
toward security,” said
To read the full report visit: https://www.aciworldwide.com/billpayinsights
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This paper focuses on the survey findings for billing organizations and is one part of a four-part series based on Ovum’s 2018 survey.
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