Consumers’ credit card information may be at risk for being exposed in data breaches because businesses are struggling to keep up with minimum protection standards.
The Payment Card Industry Data Security Standards are set up to give businesses that handle consumer credit card data guidelines for protecting that information, but many companies either don’t or are not able to meet them, according to the latest annual Verizon Payment Card Industry Compliance Report. Consequently, consumers’ credit card data is at a greater risk for being exposed in data breaches.
Problematically, companies are failing to meet PCI DSS compliance requirements despite the fact that they could be hit with fines and higher fees from payment processors, the report said. This type of calculated risk is being made at the expense of safety for consumers’ data, as a lack of PCI DSS compliance is directly linked to an increase in the chances for a data breach.
Millions of consumers have their personal or financial information exposed in data breaches every year, leaving them vulnerable to identity theft and fraud.