Payment data security and compliance firm SecurityMetrics recently found that more than 70 percent of merchants are storing unencrypted data on their networks, violating PCI compliance regulations, and slow adoption of more advanced technology may be to blame according to the organization.
The most frequent offenders were financial, hospitality and retail businesses, which made up slightly more than half of those falling short of PCI compliance guidelines. According to the researchers, merchants may be able to bring themselves in line with standards and prevent future data breaches by updating their machines and security systems.
“Dated technology is incapable of assisting its owner to meet today’s current payment security objectives,” said SecurityMetrics CEO Brad Caldwell in a statement. “If an acquirer or ISO is stuck in a program that doesn’t implement cutting edge technology, it’s imperative to remodel the program to include updated technologies that increase portfolio value and decrease risk.”
ArsTechnica recently covered evolving encryption methods and how they work to protect a number of business and communications sectors against data loss. Encryption takes sensitive information and converts it into an unreadable format, called ciphertext?, which must be interpreted by a decryption algorithm with the use of a key. It is nearly impossible to decrypt without the key, making encryption an essential part of a good PCI compliance strategy.Back To Blog