Despite many organizations making sizable investments in fraud protection tools and strategies, fraudsters and attackers are growing more sophisticated in their ability to compromise online businesses by leveraging mobile devices.
According to Verizon’s new Mobile Security Index, many e-commerce businesses have suffered significant fraud losses and data breaches because they weren’t prepared to defend against mobile threats.
While they say they are focused on PCI DSS compliance, many e-commerce businesses struggle to secure credit card information and payment details. Though PCI DSS does provide a solid framework for building strong security policies and procedures, Verizon’s 2018 Payment Security Report found that many companies don't maintain compliance between annual assessments. All the while, online retailers remain vulnerable to other types of attacks.
More than half (55 percent) of retailers said they were most likely to be concerned about cybercriminals stealing payment card details, but a greater number (61 percent) of respondents said they were actually more likely to be concerned about customer data being taken, the report said.
The report found that a range of businesses from retailers to airlines and credit rating companies, had sensitive data stolen and suffered downtime after being compromised by attackers. In fact, 31 percent of retail organizations suffered a mobile device compromise last year. Of those mobile compromises in the retail industry, 54 percent were considered major and 27 percent had lasting repercussions, the report found.