Support voiced for ‘chip and pin’ technology
“Chip and pin” technology could make its debut in Bermuda in response to rising cyber attacks on local businesses.
The credit card security measure, long used in Europe, has been slow to catch on here — but yesterday's discussion on cyber security, hosted by the retail division of the Chamber of Commerce, heard widespread support for the measure.
About 40 members attended, according to Paula Clarke, CEO of Gibbons company, who moderated the event.
Speakers included Sean Lee, head of retail banking for Butterfield Bank; Chris Eaton, senior advisor to KPMG, and Ronnie Viera, CEO of First Atlantic Commerce — a company that divides businesses into “those that have been hit by fraud and those that will be hit by fraud”.
Cyber attacks on businesses have made headlines in recent months, but Ms Clarke said local retailers have remained vigilant about “what's happening in the world outside Bermuda — people should not underestimate the technology that we make use of”.
The Island has been somewhat lucky not to get targeted as much as other jurisdictions, she said.
“We talked about what steps businesses could put in place should there be a breach, in terms of having a response plan already worked out as part of best practice.”
United States businesses have been reluctant to embrace chip and pin technology, in which credit card holders key in their own personal identification number to complete a transaction.