Compliance with payment security standards dropped for the first time in six years, making businesses more vulnerable to cyber crime, according to a new report from Verizon. Verizon’s 2018 Payment Security Report said that 52.5 percent of businesses surveyed were fully compliant with the Payment Card Industry Data Security Standard (PCI DSS), compared to 55.4 percent in a previous study in 2016. Verizon said the trend change was “alarming.” Verizon said that compliance with PCI DSS helps protect payment systems from breaches and theft of cardholder data. The telecommunications company said the report highlights the crucial need for ongoing compliance maintenance and measurement. Above: Verizon is worried about payment standards compliance.Image Credit: Verizon Verizon had previously tracked improvements in payment compliance for six consecutive years. The PCI DSS helps businesses that offer card payment facilities protect their payment … [Read more...] about Verizon’s payment study shows businesses are more vulnerable to cyber crime
Payment card industry data security standard pci dss
Financial institutions have been attractive hacking targets for many years, and this attention has not diminished with the addition of cloud and mobile technology. FinTech emerged in the 21st century as an industry that uses technology to make financial services more efficient and is now valued as a $35 billion industry (2018). As information is more readily available to consumers, financial companies have only become more desirable to attackers. The stakes continue to grow as far greater losses and penalties have the ability to cause a lot of damage if security is not taken seriously.Nowadays there are security practices put in place by industry to help financial companies remain compliant (such as the Payment Card Industry Data Security Standard, PCI DSS). I sat down with Kunal Bhattacharya to discuss what he is doing at Credit Karma to help keep the FinTech company secure. He also shared his thoughts on the critical importance of security testing for financial technology … [Read more...] about Why security testing is a core business value for FinTech?
DUBLIN--(BUSINESS WIRE)--May 3, 2018--The "Global Payment Security Market By Type (POS, Web & Mobile), By Component (Solutions Vs. Services), By Solution (Antivirus & Firewall, Data Encryption, Tokenization & Others), By End User, By Region, Competition Forecast & Opportunities, 2012-2022" report has been added to ResearchAndMarkets.com's offering.Global payment security market is forecast to exhibit a CAGR of nearly 14% by the end of 2022, on the back of increasing number of cyber attacks and data breaches, worldwide.Growing popularity of payment security solutions and services can also be attributed to the requirement of following Payment Card Industry Data Security Standard (PCI DSS) guidelines, government initiatives towards promoting the cashless mode of payments, and increasing awareness among end users towards payment security.Moreover, growth in the number of digital payments such as credit/debit payments, mobile wallets and online payments is also expected to … [Read more...] about Global Payment Security (POS, Web & Mobile) Market, Competition Forecast & Opportunities, 2012-2022
For nine years, Verizon has released its annual Payment Security Report about the state of Payment Card Industry Data Security Standard (PCI DSS) compliance. For nine years, the pattern has remained the same: Many companies don't comply with the standard, and many companies that do comply fall out of compliance not long after their audit. IT organizations don't struggle with PCI DSS compliance due to a lack of knowledge or technology; the problem is proficiency."Proficiency is the main theme," says Ciske van Oosten, lead author of the report since 2013 and senior manager of global intelligence for security assurance consulting at Verizon Enterprise Solutions. "With 10 years of data breach investigation reports, you start to recognize patterns.""It's not a knowledge problem," van Oosten adds. "There's an abundance of knowledge out there. People are almost inundated with it. It's not really technology failure. It is really proficiency: that level of confidence, skills and experience."The … [Read more...] about The real reason you’re failing at PCI DSS compliance
With technology increasingly intertwined with all aspects of business, [email protected] can help you -- prosumers to small businesses with fewer than five employees -- get started.When Corey Mullins first decided to find a credit card processor for his Louisville, Kentucky-based landscaping business, it was all about name recognition. "In terms of research, I did none essentially," Mullins said. "I basically decided I needed to do it and just chose a provider that was all the rage at the time."As Mullins would eventually discover, credit card processing is all about the details. A reliable credit card-processing service is essential to the livelihood of a small business, but with so many options out there it can be difficult to figure out which one makes the most sense for your particular business needs.For the uninitiated, a payments processor acts as the link between your business and the banks, issuers and credit card networks. Whether you plan to take payments online or in-person, a … [Read more...] about 5 things to consider when picking a credit card processor