Despite the significant improvement in compliance over the Payment Card Industry Data Security Standard (PCI DSS) in 2020, the cybersecurity threats organizations face are more dire than they were two years ago, such as reveals Verizon's Payment Security Report (PSR) 2022.
As organizations prepare to implement PCI DSS v4.0, PSR 2022 provides invaluable information to navigate and adapt to the new standard.
Verizon's logical approach to strategic management of complex compliance challenges seems to make a positive difference for companies.
Furthermore, despite the fact that more than half of the organizations (56.7%) did not pass the mid-term validation assessment as they did not implement one or more security, the gap in their execution has in any case improved substantially, going from a maximum of 7.7% in 2019 to a minimum of 4.0% in 2020.| ); }
“Despite compliance improvements, we know hackers are still out there and stronger than ever,” said Sampath Sowmyanarayan, CEO of Verizon Business.
“Our Data Breach Investigations Report (DBIR) 2022 found that the financial sector continues to be the victim of economic-driven organized crime, with servers involved in 90% of financial breaches. As a result, further commitment to your current strategy is unlikely to result in a change, ”continued Sowmyanarayan.
The COVID-19 pandemic has intensified online business and payment card transactions, but has also enabled hackers to exploit existing and emerging threats and weaknesses related to systems and processes of payment.
To further complicate the payment security landscape for Chief Information Security Officers (CISOs) and other security professionals, the PCI SSC recently introduced the most significant DSS reform since its release in 2004.
While this is a significant step forward, security managers will need to focus their attention and use their resources to keep up with these new requirements. Released earlier this year, PCI DSS v4.0 will come into effect from 2024.