Posted on Feb 03, 2017 | | Categories: Data Security
If you work for any organization that processes credit or debit card information, you’ve heard of the Payment Card Industry Data Security Standard (PCI DSS), the regulatory standard aimed at preventing costly data breaches like the ones you may have heard about at Home Depot or TJX. But how much do you really know about PCI compliance? Here are some interesting PCI compliance statistics you may have missed.
This is the best news on the list. According to Verizon’s latest PCI Compliance Report, the number of organizations that are fully compliant at the time of interim assessment is growing rapidly each year.
While the increase in businesses taking PCI compliance seriously is important, the number of compliant organizations was very low to begin with. According to Verizon’s report, four out of five companies still fail at interim assessment.
A Newscycle Solutions survey found that only a small number of executives felt confident they had achieved PCI compliance. Another 13 percent were not certain. While this compliance statistic is a snapshot of a specific industry, it’s common across all types of organizations to feel unsure about meeting PCI standards. IT infrastructure becomes more complex every day, PCI rules change frequently, and many companies lack up-to-date expertise.
Many businesses check PCI compliance off the list and then stop worrying about it. Unfortunately, less than a third have maintained compliance a year later. While successfully demonstrating PCI compliance to an auditor is a big relief, it won’t keep your business safe from security threats. The Verizon report recommends building a robust framework with security policies, procedures, and testing mechanisms to ensure compliance every day of the year.
One of the least understood aspects of PCI compliance is that the fines for non-compliance are levied on the payment processors or credit card companies (the acquirers) that work with the non-compliant business, not the business itself. Those fines range from $5,000 to $100,000 a month. Of course, the acquirer will recoup the money from you, quite likely with added penalties and increased transaction fees.
This statistic is just in case you thought that PCI standards were only important for your auditors. In Verizon’s ten years of having a forensics team investigate PCI compliance, they have never found a company that was fully PCI DSS compliant at the time it was breached. Take note.
According to Verizon, the majority of consumers would be hesitant to do business with an organization that has suffered a data breach. If you’re having trouble justifying the cost of robust security solutions, this is what you need to think about: being complacent about PCI compliance today could lead to years of lost customers and a damaged reputation for your brand.
According to the Ponemon Institute, which tracks the costs of data breaches every year, the current amount is up 29 percent since 2013. Refer to #6 for why this statistic directly relates to your PCI compliance.
It’s clear that many organizations are struggling with PCI compliance. It doesn’t have to be difficult. Seek out security software solutions that protect your valuable data using up-to-date methods, generate detailed logs to keep auditors happy, and allow you to easily test for PCI compliance.
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