Big Surprise! - Less than 28% of credit card data is safe from Cybercriminals in spite of PCI DSS!

09 October 2020 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

Helpnetsecurity.com reported that “Payment data remains one of the most sought after and lucrative targets by cybercriminals with 9 out of 10 data breaches being financially motivated, as highlighted by the report. Within the retail sector alone, 99 percent of security incidents were focused on acquiring payment data for criminal use.”  The October 8, 2020 article entitled “Only 27.9% of organizations able to maintain compliance with the PCI DSS” included these comments from Sampath Sowmyanarayan (President, Global Enterprise, Verizon Business):

Unfortunately we see many businesses lacking the resources and commitment from senior business leaders to support long-term data security and compliance initiatives. This is unacceptable,…

The recent coronavirus pandemic has driven consumers away from the traditional use of cash to contactless methods of payment with payment cards as well as mobile devices. This has generated more electronic payment data and consumers trust businesses to safeguard their information.

Payment security has to be seen as an on-going business priority by all companies that handle any payment data, they have a fundamental responsibility to their customers, suppliers and consumers.

Unfortunately this is not a surprise!

This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. It is not meant to convey the Firm’s legal position on behalf of any client, nor is it intended to convey specific legal advice. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Accordingly, do not act upon this information without seeking counsel from a licensed attorney. This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary. The information on this blog is published “AS IS” and is not guaranteed to be complete, accurate, and or up-to-date. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Foley or any of its partners, officers, employees, agents or affiliates be liable, directly or indirectly, under any theory of law (contract, tort, negligence or otherwise), to you or anyone else, for any claims, losses or damages, direct, indirect special, incidental, punitive or consequential, resulting from or occasioned by the creation, use of or reliance on this site (including information and other content) or any third party websites or the information, resources or material accessed through any such websites. In some jurisdictions, the contents of this blog may be considered Attorney Advertising. If applicable, please note that prior results do not guarantee a similar outcome. Photographs are for dramatization purposes only and may include models. Likenesses do not necessarily imply current client, partnership or employee status.

Authors