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55% of Companies Only Secure Your Payment Card Info

Don't Assume Your Merchant Complies with Data Security Standards

Unfortunately, it sounds as if many businesses that accept credit and debit cards do not honor their obligations to keep your information private.

According to Byron Acohido, "Ponemon and Imperva surveyed more than 500 companies globally that cumulatively generate annual revenues of $5.6 billion and found:

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    • 71% of companies do not treat PCI compliance as a strategic initiative, yet 79% have experienced a breach.
    • 55% only focus on credit card information and do not secure Social Security numbers, driver’s license numbers, and bank account details.
    • Consumers are more at risk doing business with smaller companies: only 28% of these comply with PCI as opposed to 70% of companies with 75,000 or more employees. "

In case merchants assume that the Payment Card Industry Data Security Standards (PCI DSS) do not apply to their businesses, Mike Richardson dispels their misapprehension.

"If you’re operating a merchant account ... you’ve signed an agreement with your bank or payment provider stating that you are PCI complaint, and that you agree to pay fines that result from a security breach caused by a lack of compliance. That is, you are legally obligated to be PCI compliant already. "

As a consumer I haven't wanted to know about security standards.  I just want to assume that merchants are already keeping my information secure.  Sounds as if I'd better keep a tighter grip on my plastic.

More Stories By Katharine Hadow

Katharine Hadow is a marketing communications professional in New Jersey, USA