5 September 2017 - Janet Bird
A new study has identified retail as the worst sector at securing its payment systems from the threat of hacking.
Research published by global telecommunications and technology company Verizon revealed that 45 percent of all companies leave their payment systems vulnerable to cyber attacks.
The study identified failure to scan systems for vulnerabilities and to encrypt data as major issues contributing to nearly half of all the companies scrutinised failing to meet industry requirements.
Out of all those scanned, the retail and hospitality sectors were found to be the worst performing when it came to payment systems security.
If they do not comply with the Payment Card Industry (PCI) rules, retailers are at risk of not being able to receive card payments.
Verizon undertook the research just ahead of the introduction of the EU's General Data Protection Regulation, which can fine companies with a European presence up to 20 million euros or four percent of their revenue for failure to adequately protect data.
It found that even after passing PCI checks, many companies made changes within three to nine months which meant they would no longer comply with industry requirements.
Interestingly, the study also revealed that no company which meets PCI guidelines had fallen victim to a cyber attack.