Verizon: As credit-card regulation compliance drops, cybersecurity risk rises
For the past nine years, Verizon has released a Payment Security Report (PSR). Verizon’s PSR sheds light on the compliance of companies with regulations within the payment card industry and the value of the Performance Card Industry Data Security Standard (PCI DSS). While credit cards remain the most popular form of payments, it is imperative that organizations that accept them comply with PCI regulations to maintain customer data privacy.
PCI DDS is a cardholder data protection program, launched by Visa in 2004. In 2010, Verizon began publishing the annual PSR to identify the percentage of organizations that maintained these regulations. Full compliance to PCI DSS was at an all-time high in 2016, at 55.4%. However, Verizon found that this year compliance observed a significant drop to 36.7%. This downward trend is a cybersecurity and data privacy red flag, causing major concern.
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