Driven by e-commerce, smartphone penetration and emerging markets, the global mobile payments market is set to grow at a compound annual growth rate of 24.5% over the coming years to reach nearly $5.4 trillion by 2026. In this context, it would seem like a no-brainer for merchants to double down on cyber security to keep cardholder data and payment systems secure. Yet, unfortunately, data security practices are worsening.
In 2019, less than 28% of organizations achieved 100% PCI DSS compliance. This was a dip of nearly 9% from 2018 figures, according to Verizon's 2020 Payment Security Report. The impact could be severe—ranging from noncompliance fines to lasting financial and reputational damage that can result from major breaches.