Software Breach 92 Times More Likely than Hardware Breach

Software Breach 92 Times More Likely than Hardware Breach

Posted by John B. Frank Friday, January 9, 2009

Yesterday, DTN wrote that Fireman's Fund Insurance is offering SME's payment card breach insurance. That kinda gives you an idea how serious of a problem these breaches really are.

Remember, software is 92 times more likely to be breached than hardware. (In 400+ breaches, 92% were "software related" (combining POS and Online Shopping Cart software) while only 1% were hardware related). Source: Trustwave (PDF)

Oh, by the way, the 1% of hardware device breaches were the result of tampering, which is highly unlikely, if not virtually impossible, to occur with your own personal swiping device from HomeATM. I sincerely doubt anyone would break into your home and start fiddling with your personal card swiper and leave your big screen HDTV on the wall...don't you?

So which would you rather use if you were shopping online? A software based application, or a hardware based solution.

With Breaches Rising, Insurer Offers Card-Compromise Coverage

"Fireman’s Fund Insurance Co. this week unveiled what it says is the first coverage available to small and medium-sized businesses for losses from payment card data breaches. News of the policy came on the same day that a non-profit research organization reported that data breaches increased 47% last year. The idea behind the coverage, according to Brian Gerritsen, product director at Novato, Calif.-based Fireman’s, is to give peace of mind to business owners who are diligent about complying with the Payment Card Industry data-security standard, or PCI, the card networks’ uniform protection rules that all card acceptors are supposed to meet.

Continue reading at Digital Transaction News

0 comments

Learn More About Us

Find out how our patented technology can empower your financial institution.

Our secure two-factor online banking authentication eliminates dangerous passwords and usernames and replicates the same trusted process used to access cash at ATM's. (Insert Bank Issued Card, Enter Bank Issued PIN)

There is an R.O.I. as FI's also earn recurring revenue from each transaction conducted using our PCI 2.0 Certified PIN Entry Device. Our technology also provides a unique real-time P2P "Instant-Transfer" which allows your online banking customer to transfer cash from ANY of their bankcards to ANY other bankcard...with the Swipe of a card.

Help your bank eliminate phishing and your customers avoid identity theft by providing them with the ability to stop typing and start swiping. There is no safer way to conduct financial transactions online than by 3DES DUKPT encrypting the cardholder details, which we do at the mag-head "inside the box/outside the browser."

All Top Banking