According to an analysis by Atlas VPN, credit card fraud cases surged by 104.7% when you compare Q1 of 2019 and 2020. Likewise, Julie Conroy, a research director at Aite Group, reported that by the end-2020, credit card fraud losses in the US amounted to a staggering $11 billion! These facts make it clear that the digital payment ecosystem is rife with vulnerabilities. After all, security gaps can emerge at various points of handling, storage, and transmission, such as at POS devices, e-commerce apps, Wi-Fi hotspots and personal computers.
In general, compliance refers to all the laws, regulations, and policies that an organization should confirm. When in compliance, the organization, employees, and third-party vendors will behave according to the laws and standards of the regulatory and industry bodies. The essence is that compliance helps organizations to act responsibly and obey regulations related to labor, work safety, finance, operations, and accounting standards.
Today, data is everywhere. With ecosystems and infrastructures going digital, access to personal and sensitive data has proliferated across the board, giving rise to the need for adherence to data compliance standards.