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Industry News

Study: Many firms not complying with PCI standards

By Kristen Lawrence

28/09/2011 - The Payment Card Industry Data Security Standards comprise a system of regulations and securitization guidelines employed by the credit card industry to curb the threat of data and identity theft.

While PCI DSS is frequently updated, many retailers, payments processors and card issuers are having trouble meeting compliance requirements. A study released this week by Verizon found only 21 percent of organizations were fully compliant during the initial audit.

The report also noted companies are struggling with key PCI requirements: protection of stored cardholder date, systems and process testing and the ability to track and monitor data access.

Organizations that have suffered data breaches are more likely not to be in compliance with PCI standards, the study found. They are also more likely to suffer from identity theft and fraud issues.

"We had hoped to see more organizations complying with the PCI standard, since we believe that compliance will ultimately improve the security posture of organizations and in all likelihood lead to fewer breaches," said Wade Baker, director of risk intelligence at Verizon. "Our end goal is a safer credit card environment for consumers and businesses."

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