This is according to Dr Akif Khan, director of products and services for CyberSource, who said that this is partly because of the penalties and brand damage that companies may face as a result of a data breach.
"In fact," Dr Khan explained, "an upcoming security report by CyberSource has shown that the primary driver for online retailers to invest in payment security is to protect the brand or revenues (69 per cent) rather than to avoid bank fines (26 per cent)."
He added: "Customer perception and reputation is critical to the success of a business, so it is absolutely imperative that online retailers take steps to secure their customers' information."
Meanwhile, wireless communication device users may be interested to learn that worldwide smartphone sales increased 76 per cent year-on-year to a record 110 million units in the second-quarter 2011.
A report from market research firm Strategy Analytics' Wireless Smartphone Strategies service found that Apple and Samsung both overtook long-time volume leader Nokia for the top two spots in the rankings.
