This blog has covered the Target networking security breach that was responsible for 110 million customers having their personal and card information compromised. It put a huge spotlight on the point of sale security and the caused the company to undergo several major changes.
There is another major network breach that is affecting the payment landscape in two different ways. It was reported last month that eBay had its network hacked through stolen employee credentials and the attackers were able to gain access to the personal information of all 145 million worldwide users. The company has acknowledged the attack and is urging users to change their passwords.
While it makes sense that users would want to stay away from eBay, a recent study from USA Today found that many consumers are actually starting to change their opinions on online shopping in general. Twenty-four percent of respondents said that they had stopped buying anything online in recent weeks because of fear related to security concerns. On top of that, 56 percent said that they had they will be cutting back on the number of websites that they will make purchases through.
This could become a major blow to online retail and create a boom in brick-and-mortar stores. Regardless of how your company prefers to handle point of sale credit card processing, it needs to make sure that it remains safe at all times. As the eBay breach and aftermath shows, a single breach can have a huge impact that impacts not only the company but the industry as a whole.