Stock Tumbles Amid PCI Data Security Concerns
Data security affects the bottom line. Look no further than the recent stock drop from identity theft protection company LifeLock after it removed a mobile app named “Wallet” from the App Store, Amazon Apps, and Google Play. Lifelock was concerned that the app was not compliant with PCI security standards and took pro-active action to remove the app from distribution.
LifeLock CEO Todd David wrote in a blog post, “We have determined that certain aspects of the mobile app may not be fully compliant with payment card industry security standards.”
To date, there is no evidence that user data was compromised, but the market has responded very swiftly! Lifelock stock took a 17% downward tumble after the announcement. We’d recommend mentioning this article to your CFO when budget discussions come up for security and data protection dollars!
Read more from The Street here.