Date Added: May 2010
The challenges of meeting Payment Card Industry (PCI) security standards and the horror stories of failing to comply continue to grow. Security breaches at several major retailers have resulted in estimated costs of as high as $1 billion per retailer. The U.S. Identity Theft Protection Act has established fines of up to $11,000 per customer record for databases breaches. In fact, 14 percent of retailers have suffered a breach and only 28 percent of retailers are fully compliant with PCI requirements, according to the Retail Systems 2006-2007 Retail Data Security study. Since that study, retailers are taking notice, and compliance rates are steadily increasing. Merchants who do not comply are at risk for fines, higher processing fees and even the loss of card-processing privileges.