Designed to ensure that all companies securely transmit, store or process payment card data correctly, compliance to the Payment Card Industry Data Security Standard (PCI DSS) serves a critical purpose.
Failure to comply increases the risk of a data breach, which can lead to potential losses of revenue, customers, brand reputation and customer trust. Despite this risk, the 2020 Verizon Payment Security Report found that only 27.9% of global organizations maintained full PCI DSS compliance in 2019, marking the third straight year that PCI DSS compliance has declined.
In addition to the continued decline in compliance, the current iteration of PCI DSS (3.2.1) is expected to be replaced by PCI DSS 4.0 in mid-2021, with an extended transition ..
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