The credit card industry has been trying to force stronger data privacy rules onto the banking and retail sectors for more than a year. Now state legislatures are getting into the act.
A California bill forcing merchants to comply with key elements of the Payment Card Industry Data Security Standard is a governor’s signature away from becoming law. PCI standards already are the law in Minnesota, which passed the nation’s first such statute in May. And with no end in sight to headline-grabbing stories of identity theft, compliance officers can expect more states to follow suit.
Credit card companies—primarily Visa, Mastercard, and American Express—have been pressuring merchants since 2005 to adopt the PCI standard, a set of IT controls the credit card industry developed to protect consumer information. The standard went into effect Sept. 30, with the credit card companies threatening stiff fines to any merchant or bank... To get the full story, subscribe now.
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