These days, consumers have choices that people fifty years ago could only dream of. We have access to far more goods and services than our parents and grandparents did thanks to the technological advances that facilitate lightning fast, global transactions. Because of the internet and sophisticated networks, there are more ways to exchange money than ever before.
But because credit and debit cards are the preferred method of payment for millions of consumers, data breaches are on the rise. Right now, millions of travelers are scanning their credit card accounts after Marriott’s global system was hacked.
An enormous ripple effect takes place in the wake of a breach this big. Banks will have to issue new cards to every affected customer, which costs time, employee resources, and money. Not only will consumers be reticent to swipe their cards at travel sites in the future, but they will also have to face the disruption a new credit card brings, which impacts everyday purchasing. Such a large breach will certainly impact consumer habits at the expense of retailers and card issuers.
Consumers deserve better than this—they deserve a uniform standard to keep their information secure. The financial sector already abides by a federal standard and it’s time all industries worked together under the same banner. Those who rely on the bare minimum in protection have and will continue to experience the largest data breaches, but if we operate with a national standard for all players, we can ensure the security of consumers and business owners through-out the U.S.