Compliance with Credit Card Security Standards Declines
According to data from studies by Verizon, which audited companies in 60 different countries, the standard for storing and transmitting credit card data as declined. The most affected companies are those in hospitality, retail, and finance. This means your data may not be as safe as it seems, with the numbers of compliant companies dropping from 55.4% to 27.9%.
While it may be easy to blame things like technology and higher standards for the drop, the standards have basically remained consistent throughout the ten years that Verizon has been gathering this information. The biggest weak point is vulnerability and penetration testing. This means that hackers can more easily get to your information. This isn’t just a one-off issue. Most companies struggle with trying to find longer-term solutions to issues that may arise in the future. Without that, companies are setting themselves up for failure. However, most companies that are evaluated eventually become completely compliant, having fixed all the issues, both short- and long-term. This is good news for not only the business, but also the consumer. Knowing that these companies are compliant means people will feel more comfortable with spending their money, and giving their information to, the company.