The stock of Verizon Communications Inc (NYSE:VZ) closed at $47.97 losing 0.31% in yesterday’s trading session. Cybercrime has in the recent times escalated to worrying levels and it is for this reason that a large number of consumers and companies alike have shifted their attention to specifically focus on payment card security.
The main reason behind the establishment of the Payment Card Industry Data Security Standard (PCI DSS) was to facilitate businesses in terms of guarding their payment systems from theft and breaches of cardholder data.
Verizon 2017 Payment Security Report brought forward numerous findings. One of the findings was the one that clearly demonstrated the link that existed between organizations showing compliance with the standard. The other was the ability they possessed for defending themselves from the ever rising cyber attacks.
Verizon delved into an investigation to find out about the various payment card data breaches. It found out that none of the many organizations that it launched investigations into had shown compliance at the actual time of the breach.
The global managing director for security consulting, Rodolphe Simonetti said that there existed a clear link between an organization’s ability to defend itself against cyber attacks and the PCI DSS compliance. He admitted that it was indeed good to see PCI compliance taking an upward trend.
He opined, “The fact remains that over 40 percent of the global organizations we assessed – large and small – are still not meeting PCI DSS compliance standards. Of those that pass validation, nearly half fall out of compliance within a year — and many much sooner.”
IT services industry produced a report that indicated that it had succeeded at getting the highest full compliance of all key industry groups studied.
The 2017 PSR flagged a number of compliance challenges that the various business sectors had been struggling with.
The first one had a lot to do with the encrypted data transmissions, security testing and authentication. The second fell under the financial services. This included secure configuration, security procedures, vulnerability management, protecting data in transit as well as the overall risk management.