Consumers’ payment data continues to be a compelling target for criminals, and IT security defenses enacted to guard these assets continue to be circumvented. Virtually every major financial institution, retailer, and scores of payment processors have been the victims of devastating data breaches. According to the 2019 Thales Data Threat Report – Financial Services Edition1 , 62% of U.S. financial services organizations say they have been breached at any time in their history, with 41% breached in the last year. Despite recognizing the importance of protecting sensitive data, encryption rates among U.S. financial companies is surprisingly low (only 31%).
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