Insufficient Merchant Protection of Credit and Debit... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Insufficient Merchant Protection of Credit and Debit Card Data

Insufficient Merchant Protection of Credit and Debit Card Data

Insufficient Merchant Protection of Credit and Debit Card Data

Verizon recently completed a payment security audit of 100 businesses , 60% of which were American businesses, that store debit and credit card information. Verizon discovered only a meager 21% of those investigated were found to be compliant with current Payment Card Industry Regulations, according to an article appearing on informaitonweek.com.

There are 12 requirements that must be met to render a business compliant with the Payment Card Industry Data Security Standard. Verizon’s audit revealed that, out of everything, businesses struggled specifically with the following:

*maintaining security policies

*tracking and monitoring access to saved credit card data

*protecting stored cardholder expiration dates

*regularly testing systems and processes

According to Verizon’s research, the amount of awareness of PCI within a business is directly proportional to their level of compliance. Therefore, it seems that not enough employees are being educated about PCI.

“The more aware your organization is of the standard, the more prepared you are for the type of approach you take,” said Jennifer Mack, director of global PCI services for Verizon, in an interview for informationweek.com.

Another finding of Verizon is that a large number of merchants felt overconfident regarding their policies and procedures, which led to threats which demonstrated the highest amount of rise being more or less ignored.

One of the mistakes that small companies tend to make is in assuming their size makes them less likely to be targeted by identity thieves and hackers. The reality is, though, that some two-thirds of attacks on corporate data happened to businesses employing less than 100 people.

Visa officials claimed in an annual report that a startling 95% of credit card breaches occurred within small business environments.

In 2009 the PCI council released a Prioritized Approach in an attempt to aid businesses in determining exactly which aspects of PCI to address first to affect the greatest reduction in risk to cardholder data. However, Verizon’s audit revealed that few businesses were employing the Prioritized Approach.

“Since the Prioritized Approach emphasizes reducing risk to cardholder data, the apparent lack of adoption … may actually allow weaknesses in areas associated with higher threat likelihood and impact to exist longer than necessary,” according to Verizon’s report as per informatinweek.com. “This is a case of the end goal getting in the way of pragmatic security.”

While the latest version of PCI isn’t any stricter, it demands more from businesses as they have to do more to demonstrate that they meet compliance standards.

“The executive summary and definition of scope has been stepped up, and the detail and evidence requirements have been stepped up,” said Mack according to informationweek.com.

“The majority of our clients did end up achieving full PCI compliance in the end. Beginning January 1, there is no other choice.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Identity Fraud is Up

Posted: February 22, 2018

Last year identity fraud hit a record high, according to the 2018 Identity Fraud Study released by Javelin Strategy & Research. This brings the total number of identity fraud victims in the U.S. to 16.7 million, representing an 8% upswing. ... Continue reading
Traveling More and Taking Shorter Trips in 2018

Posted: February 21, 2018

Heading out for a quick getaway or extended trip to de-stress is trending with travelers, according to Visa's Global Travel Intentions (GTI) Study. They also discovered that taking shorter trips and traveling more often is in the cards for ... Continue reading
Travel and Dinning Out is Trending on Valentine’s Day

Posted: February 15, 2018

If you are planning to take your lover out for a night on the town or on a whirlwind trip for Valentine's Day, you are not alone. According to the new MasterCard Love Index findings, this type of emotion fueled spending is outpacing other ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit