The recent adoption of the European General Data Protection Regulation encouraged many companies, to review their policy in terms of card paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More security. According to this new regulation, companies with presence on the old continent must ensure that customers’ personal information is effectively protected as a failure to do so could result in fines of up to €20 million.
In this context, Verizon – a US telecommunications provider – recently conducted a study to verify companies’ compliance with card payment regulations and data protection. And the results are quiet alarming: about 45% of the assessed companies do not comply with payment security standards. In other words, nearly half of companies expose their customers to hackers.
The study was led on firms based in the United States, Latin America and Asia. The majority of companies fail to apply the Payment Card Industry (PCI) rules, often because they are not able to detect vulnerabilities in their system quickly enough. Ciske Van Oosten – global intelligence Manager at Verizon – stated that among the various industries assessed, retailers and hospitality companies were the least equipped to ensure data privacy. He added that retailers are especially bad at encrypting and authenticating data and securing their transmission.
Van Oosten believes that firms fail to understand the importance of frequently rescanning their system in order to immediately detect failures, an operation that should be done at least after every significant system changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More, such as the introduction of new equipment or an app update. By ignoring payment security requirements, companies are putting customers’ personal data at the mercy of criminals.
To read the original article, please click here.