Why Payment Card Security?

The Answer to the above question?

So that the following wont happen to your organisation

“The criminal charges outlined in New York and other places on November 10th 2015 against three men said to be behind a huge hacking and fraud operation give details of how they allegedly attacked at least 12 companies, including banks, media outlets and a software firm. The proceeds, since the scams started in 2007, amount to hundreds of millions of dollars. They stole personal data relating to more than 100m people with 83m of them customers coming from JPMorgan Chase”

One hundred MILLION people. That is just under 1/3 the population of the entire United States. The three criminals charged were not expert hackers, they were just three bad guys who bought the right tools at the right time on the black market.

Javelin Strategy & Research released a 2016 Identity Fraud Study of identity theft stats. The study revealed that 13.1 million U.S. consumers had lost approximately $15 billion as a result of identity thieves in 2015. As a comparison, 12.7 million victims had lost $16 billion a year earlier. The study also shows that $112 billion has been stolen due to identity theft in the past six years.

“The Hilton hotel franchise became the victim of cyberhacking that led to a pattern of credit card fraud dating back to November 2014”

According to online security analyst, Brian Krebs, hackers “compromised” numerous point-of-sale registers in restaurants, coffee shops, and gift shops at Hilton hotel properties across the country in order to steal credit card information

A survey of businesses in the U.S. and Europe reveals activities that may put cardholder data at risk.

81% store payment card numbers
73% store payment card expiration dates
71% store payment card verification codes
57% store customer data on the payment card magnetic strip
16% store other personal data.