The findings of a Verizon report are sobering – a PriceWaterhouse Coopers survey of 9,700 companies found that they had detected nearly 43 million security incidents in 2014, a compound annual growth rate of 66 percent since 2009. In other words, companies are under attack today from cyber criminals like never before.
With the attacks coming fast and furious, the stakes involved in protecting payment data have never been higher. Cybercrime costs the U.S. economy $100 billion a year and costs the global economy $575 billion annually.
According to Verizon, 45 percent of Americans say they or a household member had been notified that their credit card data had possibly been stolen in a data breach and 69 percent of consumers said they would be less inclined to do business with a breached organization. The business community needs to up its game….