Over 70% of organisations plan to increase their investment in payments technology in 2018 following high instances of payments data theft over the past 12 months, according to a report by ACI Worldwide and Ovum.
Of the organisations breached, over 80% said they have opted for a new security framework, while 79% said they dropped employee access to customer data.
Also, 36% of organisations across all sectors were found to be wary about a greater data breach risk compared to the previous year.
The study also revealed organisations’ faith in new payments technology, with 72% planning to move their payment software to the cloud and 28% developing voice payment features.
Payments from a mobile-optimised website and text message were found to be popular payment methods in development. Moreover, 82% of the organisations believed real-time payments to offer cost savings, compared to 48% last year.
ACI Worldwide vice president Steve Kramer said: “Security has clearly become a focus for organisations as it relates to billing and payments, and with good reason. The potential reputational and financial costs that could be incurred because of a breach are a major concern. Organisations must protect themselves with advanced technologies such as point-to-point encryption, tokenisation and a private cloud.”