As we start each year, the team at iSheriff looks into the crystal ball and makes predictions for the year. Sometimes we're right and sometimes we're wrong, but we find it useful to look to the future and document what we see.
Here's our first prediction for 2016:
There will be more POS device breaches. As the year progresses, we can expect more headlines about credit card information being pilfered in bulk. The ongoing problems with lax security configuration, weak passwords, and third party access vulnerabilities we’ve seen the last few years will converge with the messy rollout of EMV card terminals.
Despite the increased security promised by EMV standards, hackers will find plenty of opportunities to exploit rushed deployments, customer and cashier confusion, and aging POS systems yet to be replaced. In the U.S., about 12 million POS terminals need to be upgraded, but only 40% are expected to be ready by the end of 2015. Considering that a significant percentage (approximately 40%) of data breaches over the last two years were related to PoS system compromises, this threat is still significant. It’s worth noting here that EMV chip-and-PIN technology does little to protect online transactions; online fraud increased in Europe after EMV adoption.