A new report from Verizon has found that many businesses are struggling to comply with payment card security standards, potentially putting consumers’ confidential information at risk.
According to the Verizon Payment Card Industry Compliance Report, most businesses that accept credit or debit cards, or both, continue to struggle to achieve and maintain compliance with the Payment Card Industry Data Security Standard (PCI DSS). As a result, they are at greater risk of losing confidential customer information and falling victim to credit-card fraud.
The report found that businesses are failing to maintain compliance even though they face steep penalties, including fines and increased transaction fees from the credit card brands. Businesses also now face pressure from their partners and customers to demonstrate continued compliance.
In addition to analysing the overall current state of compliance with the PCI DSS, the report examines how well organisations comply with the 12 specific PCI requirements and provides recommendations that organisations can implement to help them earn and maintain compliance.
“We had hoped to see more organisations complying with the PCI standard, since we believe that compliance will ultimately improve the security posture of organisations and in all likelihood lead to fewer breaches,” said Wade Baker, director of risk intelligence, Verizon. “By reviewing this report, organisations can see where to focus their efforts and implement our recommendations for helping to accelerate PCI compliance. Our end goal is a safer credit card environment for consumers and businesses.”
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