PayMyTab recently exposed highly sensitive personally identifying information (PII) of consumers across the US that have dined in restaurants that have integrated the platform into their service.
Only 20 percent of payment card-accepting companies complied with the full set of international security standards in 2013, according to a new report from Verizon. The 2014 PCI Compliance Report looked at how hundreds of retailers, hospitality companies, financial service firms and other organizations followed the standards established by the PCI Security Standards Council.
Security breaches can cost organizations millions of dollars, and those costs could be followed by lawsuits, insurance claims, and hefty fines. Just as important are the devastating effects on company reputation and customer trust that could extend far into the future. A 2008 study by the Ponemon Institute, which researches information security policy and data protection, found that after a breach of credit card data businesses lose 31% of their customers.
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