Summary
For more than a decade, Verizon has documented compliance trends in the evolving payment security industry. The Payment Security Report (PSR) has tracked compliance ups and downs while keeping a finger on the pulse of the changing payment security landscape.
Over the last ten years, consumers and businesses have substantially increased the amount of business they transact online. The Covid-19 pandemic escalated that trend, resulting in more and more payment card transactions. Meanwhile, the threat actors’ capabilities continue to evolve and escalate, enabling them to exploit both existing and emerging weaknesses within payment systems and processes.
Despite Payment Card Industry Data Security Standard (PCI DSS) compliance improving significantly in 2020, the cybersecurity threats facing organisations today are more ingenious and evasive than they were even two years ago, the Report reveals. As organisations prepare to implement PCI DSS v4.0, the 2022 PSR provides some valuable insights to help organisations pivot and adapt to the new Standard.
It found that, overall, PCI DSS compliance improved significantly in 2020, with 43.4% of organisations maintaining full compliance, compared with 27.9% in 2019. While 56.7% failed their interim validation assessment over security control omissions, the security control gap still improved substantially, from a high 7.7% in 2019 to a low 4.0% in 2020.
Verizon Business CEO Sampath Sowmyanarayan commented ‘Despite compliance improvements, bad actors are still out there and stronger than ever, and breaches are becoming more frequent. Working harder on your current strategy is unlikely to move the needle. To stay safe, organisations will need to approach their objectives and goals at a project, program, and strategic level.’
Link: https://www.paymentscardsandmobile.com/the-verizon-business-2022-payment-security-report/