Mike Maddison, UK head of security and privacy services at Deloitte, comments on the University of Cambridge Security Group study:

"Any technology, including Chip and PIN card readers, located outside of the physical reach of the banks, presents a challenge to organisations to ensure an appropriate level of security is achieved. In reality 100% security is often unachievable, particularly if the knowledgeable attacker has unlimited time and funds at their disposal. The banking sector is one of the most advanced when it comes to security and I know the industry is working hard on an ongoing basis to respond to this and other threats posed to the confidentiality and integrity of customer information.

“What is clear from this study is that technology-based security controls need to be continually assessed and developed in order to provide an appropriate level of protection to the consumer. Recent innovations such as iCVV and the roll-out of DDA (Dynamic Data Authentication) cards are options which could all further improve levels of security control."

Ends

About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP which is among the country’s leading professional services firms, providing audit, tax, consulting and corporate finance services. Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities.  Neither DTT nor any of its member firms has any liability for each other’s omissions.  Services are provided by member firms or their subsidiaries and not by DTT.  Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.  The information contained in this press release is correct at the time of going to press.