Majority of Global Merchants Fall Short on Card Data Security Compliance

first_img This story originally appeared on Reuters March 11, 2015 Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global Four out of five global retailers and other merchants failed interim tests to determine whether they are in compliance with payment card data security standards, putting them at increased risk of cyberattacks, according to a new report by Verizon Communications Inc.Businesses must be vigilant in maintaining security to remain compliant with the Payment Card Industry Data Security Standard (PCI DSS), required by payment card issuers. Most of the companies have a tendency to run upgrades of security software and hardware only when they approach an annual compliance check, according to Verizon.The report, which gathered data in 30 countries by assessing more than 5,000 merchants including retailers, financial institutions and hospitality firms among others, found only 20 percent of those tested to be fully compliant less than a year after installing security safeguards.From 2013-2014, overall compliance went up by 18 percentage points for 11 out of the 12 payment data security standards.The report acknowledged the standards are only a baseline, an industry-wide minimal acceptable standard. The volume and scale of breaches in the past 12 months have shown that this is not stopping attackers, Verizon said.However, out of all the data breaches in the past 10 years that Verizon studied, not a single company was found to be compliant at the time of the breach.Credit and debit cards account for two-thirds of purchases by value in the United States. A further $2.17 trillion is spent via electronic methods, such as PayPal and mobile payments — many of which are ultimately backed by card transactions, the report said.(Reporting by Nandita Bose; Editing by Jim Finkle and Ken Wills) Growing a business sometimes requires thinking outside the box. 2 min read Register Now »last_img read more

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Federal Government Hopes to Get a Grasp on the Sharing Economy

first_img Hear from business owners and CEOs who went through a crippling business problem and came out the other side bigger and stronger. Problem Solvers with Jason Feifer Uncle Sam is trying to keep up with Silicon Valley.Secretary of Labor Thomas E. Perez says that this week he traveled to the startup hub to talk with entrepreneurs, venture capitalists and industry leaders about the evolving workforce.“Thanks in large measure to innovation in recent decades there, the American workforce — and the very nature of work — is experiencing some profound changes,” Perez wrote in a recent blog post. “It’s not just the growth of new technologies, but also the rise of entirely new industries and new job structures.”  The expansion of the gig, or freelance economy, has been largely fueled by the expansion of the sharing economy, which includes companies such as Uber, Lyft, Airbnb, Postmates and Taskrabbit. Instead of holding one full-time job with a single company, individuals are increasingly creating their own web of multiple part-time, flexible jobs.The trouble for the government, though, is that this tech-enabled evolution in the job market is particularly hard to track.Related: The Sharing Economy Is More than a Buzzword. It’s Changing How We Live.“This is an exciting, entrepreneurial development that is tapping into powerful consumer demand while giving workers flexibility and enabling them to monetize existing assets, like their cars or extra rooms in their homes,” Perez says. “At the same time, the on-demand economy raises important questions about how to continue upholding time-honored labor standards and how to promote economic security for American workers in a changing labor market.”To generate national-level data on this rising gig economy, the Bureau of Labor Statistics will partner with the Census Bureau to bring back the Contingent Worker Supplement, which tracks independent contractors, temporary employees and workers holding multiple jobs at the same time. The Contingent Worker Supplement will be part of the next population survey, expected in May 2017.The government is not alone in its struggle to keep pace with the recent rapid evolution of the job market. Uber has been involved in legal battles over whether drivers on the platform should be considered employees or contractors.To be sure, we are only just starting to understand the far-reaching implications of the recent reinvention of the workforce.Related: What a Sharing Economy Startup Does to Build Trust in Its Community Listen Nowcenter_img 2 min read January 29, 2016last_img read more

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