Four out of five global retailers and other merchants failed interim tests to determine whether they are in compliance with payment card data security standards, putting them at increased risk of cyberattacks, according to a report by Verizon Communications Inc.
Businesses must be vigilant in maintaining security to remain compliant with the Payment Card Industry Data Security Standard (PCI DSS), required by payment card issuers. Most of the companies have a tendency to run upgrades of security software and hardware only when they approach an annual compliance check, according to Reuters.
The report found only 20 percent of those tested to be fully compliant less than a year after installing security safeguards. From 2013-2014, overall compliance went up by 18 percentage points for 11 out of the 12 payment data security standards, said Reuters.
Credit and debit cards account for two-thirds of purchases by value in the United States. A further $2.17 trillion is spent via electronic methods, such as PayPal and mobile payments — many of which are ultimately backed by card transactions, the report said.