Breaches of consumers’ personal information are quickly becoming one of the biggest operational risks facing any business conducting electronic commerce. How big? The Federal Trade Commission estimates that breaches of “PCI” hit 9 million Americans and cost about $52 billion—annually.
With so many PCI security breaches making headlines, you can’t help but question how effective most PCI compliance programs actually are. The massive breaches at Heartland Payment Systems in 2009 and at TJX Cos. in 2006 are only two examples, which underscore the need for even more stringent methods to safeguard customer confidential data. A recent Ponemon Institute survey of 43 businesses that had experienced a data breach found that 84 percent had multiple breaches; nearly all cases (88 percent) involved insider negligence.
Weaknesses like that, combined with the lack of any federally mandated privacy standard, have created a policy vacuum that... To get the full story, subscribe now.
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