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Compliant But Not Cyber-Safe

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Does meeting Payment-Card Industry standards mean you’re safe?

Over the past two years, more companies have obliged the Payment-Card Industry’s (PCI) Data Security Standards (DSS), but the country has recorded more security breaches – 1,579 in 2017 alone,[1] which was a 45% increase from the previous year –  and more customer data has been compromised than ever before. The natural interpretation of this phenomenon has been that compliance does not equal security[2].

In the financial world in particular, compliance laws were made to investigate cyberattacks, document breaches, and punish cyber-criminals, but not to keep breaches from happening in the first place. Once a customer’s data has been compromised, there’s usually no way to restore the privacy of his information. More often than not, criminals don’t get punished because they are based offshore and there’s no way to get past their government’s protection measures. So, while industries redesign compliance such that it is a prevent…