An anonymous reader writes "Complying with the Payment Card Industry Data Security Standard (PCI DSS) is prohibitively expensive, and the cost of compliance bears very little relation to the cost of a breach, according to Dave Birch, director of IT consultancy Consult Hyperion. Speaking at a Westminster eForum on the future of digital payments, Birch said that, while data driven identity fraud accounts for the overwhelming majority UK fraud, PCI DSS may not be the best solution in the long term. “The cost of PCI DSS compliance has turned out to be a cure that's worse than the disease,” said Birch. “It's not transparently obvious to me that it makes sense to continue it indefinitely far into the future. I think PCI needs as much of a rethink as the payments security itself does.”"
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