Digital payments expert PayPoint, is urging businesses to overcome the financial challenges of achieving PCI compliance by embracing its platform, MultiPay. A recent Verizon Business 2020 Data Breach Investigations Report (2020 DBIR) has revealed a worrying picture of businesses failing to protect their cardholder data as a result of abandoning Payment Card Industry (PCI) accreditation. However,
The 2020 DBIR report found that just 27.9% of businesses comply with the PCI Data Security Standard (PCI DSS) regulations, after a third successive year of declining compliance. The regulations were developed to help businesses offering card payment facilities to protect their payment systems from breaches and theft of cardholder data. With nine in ten data breaches financially motivated, these figures highlight a significant risk to consumer finances.
Despite the real risk to consumer data, many companies do not have the resources available to invest in the internal changes required. Working with a digital payment provider such as PayPoint, these businesses can quickly and easily protect their customer data and comply with the regulations.
Danny Vant, Client Services Director at PayPoint commented: “Meeting global PCI Security Standards Council requirements is critical for any business accepting card payments. Unfortunately, now more than ever, businesses are struggling to secure the investment required for ensuring long term data security and compliance, meaning sensitive payment data for thousands of customers is left unprotected.
“The good news is that PayPoint can help businesses overcome the hurdles. Not only is its MultiPay suite of solutions PCI DSS compliant, it also significantly enhances the merchants control without sacrificing the user experience, making it a win-win for businesses and its customers.”