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!