Payment security: What are the biggest challenges?


With cybercrime on the increase, payment card security is increasingly a focus for companies and consumers alike. The Payment Card Industry Data Security Standard (PCI DSS) is there to help businesses that take card payments protect their payment systems from breaches and theft of cardholder data. The findings from the Verizon 2017 Payment Security Report (2017 PSR) demonstrate a link between organizations being compliant with the standard, and their ability to defend themselves against cyberattacks.

Source: helpnetsecurity

Of all payment card data breaches Verizon investigated, no organization was fully compliant at the time of breach, and showed lower compliance with 10 out of the 12 PCI DSS key requirements.

Overall PCI compliance has increased amongst global businesses, with 55.4 percent of organizations Verizon assessed passing their interim assessment in 2016. This is an increase from 2015, when only 48.4 percent of organizations achieved full compliance during their interim validation. This means that nearly half of retailers, restaurants, hotels and other business that take card payments are still failing to maintain compliance from year to year. More…

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