Risk

9/25/2018
01:20 PM
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Payment Security Compliance Takes a Turn for the Worse

This is the first time in six years that Verizon's "Payment Security Report" shows a downward trend, leaving cardholders vulnerable.

Businesses are failing to stay up-to-date with the Payment Card Industry Data Security Standard (PCI DSS), data shows, with the number of fully compliant organizations falling for the first time in six years.

Verizon today released its "2018 Payment Security Report," which shows only 52.4 percent of organizations were fully compliant with PCI DSS in 2017 compared with 55.4 percent in 2016. PCI DSS has been shown to protect payment systems from breaches and data theft; now, businesses are failing to maintain PCI DSS compliance and leaving cardholders vulnerable.

Compliance varies by geography and business sector, as well as the timing of geographical compliance rollout strategies and maturity of IT systems, researchers report. The goal of their report is not to convince IT and security leaders of the need for PCI compliance, but to emphasize the need to regularly measure performance and control effectiveness.

Consider the industries evaluated in this year's study: Of all companies investigated around the world, those in IT services had the highest levels of compliance (77.8%), followed by retail (56.3%), financial services (47.9%), and hospitality (38.5%).

The gaps between how different industries handle electronic payments is significant, Verizon says.

"We urge businesses to reassess their measurement methodologies for PCI control effectiveness, and to concentrate on managing the sustainability of their data protection," stated Rodolphe Simonetti, Verizon's global managing director for security consulting.

Read more details in the report here.

 

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Dr.T
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Dr.T,
User Rank: Ninja
9/27/2018 | 3:05:59 PM
IT 78%?
IT services had the highest levels of compliance (77.8%), Even IT is not enough in my view, this number should be way beyond 90% as they are supposed to know the trouble well enough.
Dr.T
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50%
Dr.T,
User Rank: Ninja
9/27/2018 | 3:03:58 PM
Re: financial services (47.9%)
So that fact that over 50% of them are failing to take best security practices towards compliance is a bit disheartening. As long as they protect themselves with an insurance they would not bother I would say.
Dr.T
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50%
Dr.T,
User Rank: Ninja
9/27/2018 | 3:02:55 PM
Re: financial services (47.9%)
These are the institutions that we trust to take care of our hard earned money. Yet they are the one not protecting it. The punishment may not be enough in my view.
Dr.T
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50%
Dr.T,
User Rank: Ninja
9/27/2018 | 3:01:35 PM
Re: financial services (47.9%)
However, what is alarming is how financial services is sitting below 50% for compliance. Yes that does not make sense at all. It should be cat higher than that.
Dr.T
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Dr.T,
User Rank: Ninja
9/27/2018 | 3:00:31 PM
Worse?
I do not understand it could be worse first time in last six years, it was already worse, we keep hearing breached of credit cards.
RyanSepe
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RyanSepe,
User Rank: Ninja
9/26/2018 | 9:59:15 AM
financial services (47.9%)
I am not surprised at the decline. The drop from 2016 to 2017 seems negligable. However, what is alarming is how financial services is sitting below 50% for compliance. These are the institutions that we trust to take care of our hard earned money. So that fact that over 50% of them are failing to take best security practices towards compliance is a bit disheartening.
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