According to a new report by Verizon Communications, most of the companies have a tendency to run upgrades of security software and hardware only when they approach an annual compliance check.
Findings unveil that only 20% of those tested to be fully compliant less than a year after installing security safeguards. From 2013-2014, overall compliance went up by 18 percentage points for 11 out of the 12 payment data security standards.
Out of all the data breaches in the past 10 years that Verizon studied, not a single company was found to be compliant at the time of the breach. Credit and debit cards account for two-thirds of purchases by value in the US. A further USD 2.17 trillion is spent via electronic methods, such as PayPal and mobile payments.
The report gathered data in 30 countries by assessing more than 5,000 merchants including retailers, financial institutions and hospitality companies among others.
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