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Dwolla, to take a popular payments company as an example, processes an average $1m/day with an average transaction of $500 at a fee of $0.25. An annual revenue
by kylebrown 15y ago
Dwolla, to take a popular payments company as an example, processes an average $1m/day with an average transaction of $500 at a fee of $0.25. An annual revenue of $182,500 hasn't prevented them from (so far) securely and compliantly processing transactions (arguably). And yet companies that charge and spend far more (ostensibly on security) are the ones making news for their data breaches.
So why suppose that an arbitrary regulatory cost, whether a nominal fee or a more productive expense, would enhance security?
- tptacek 15y agoWhat this argument does is look at a profound failure of regulation (payment processors are overseen by PCI QSAs, who in this case signed off on a site that experienced a monumental breach), and then points to a site at random that has not yet experienced a breach to argue that less regulation is needed.