Wednesday, 3rd August 2011, 16:39:45
Data security has been described as a "hot topic" for financial institutions and other organisations.
According to Dr Akif Khan, director of products and services for CyberSource, loss of information can result in penalties and damage a brand's reputation.
Upcoming research from the firm indicates 69 per cent of online retailers invest in payment security measures to protect their revenues and brand, while 26 per cent do so to avoid bank fines.
"Customer perception and reputation is critical to the success of a business, so it is absolutely imperative that online retailers take steps to secure their customers' information," Dr Khan remarked.
The expert went on to urge financial institutions to consider the security implications that are related to the adoption of new business channels, such as mobile phones.
His comments come shortly after a study conducted by eWeek Europe showed online security is the biggest barrier to the adoption of cloud services, with a fifth of respondents stating they were concerned about the safety of the technology.
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Posted by Phil Williams
Categories: | Security |
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