Retailers Facing Critical IT Security Deadline
Visa and other major credit card companies are ordering retailers to have extensive independent security audits completed by June 30 or face huge fines and possible loss of credit card privileges.Hoping to at least slow down the wave of electronic fraud threatening retailers, a group of major credit card firmsled by Visahas set June 30 as the deadline for all merchants to submit recognized security audits. The deadline is also for full compliance with 12 key elements of the PCI Data Security Standard, but those have already been required, although compliance has been spotty. The verification audits are the new element for June 30, along with a series of potential finesas much as $500,000for those that dont comply. Even Visa officials are not saying that full compliance with the June 30 deadline will have a material impact on reducing computer fraud, but that its a start.
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