More than 1 in 5 merchants and billing organizations reported experiencing the theft of payment data within the past year, according to Ovum Global Payments Insight Survey. As companies and banks improve user experience, easily paying for goods will continue to be more important and more susceptible to attacks from hackers.

The report found that about six in ten merchants believe that they are at a greater risk of a data security breach compared to a year ago. About a quarter of European merchants reported instances of payment data being stolen within the past year. Merchants in the Americans and Asia registered lower rates of payment data theft when compared to their European counterparts. Specifically, the hospitality sector was the most affected by these data payment breaches, with 29 percent of companies in the industry reporting this type of theft.