Learn why getting PCI compliance is crucial to you, your business and customers.
With the rise in data breaches comes the rise in regulations and changes for the PCI DSS. For many businesses, being PCI compliant is considered unimportant, and the fines breached companies face for not being compliant seems to create more anger.
So , what’s the significance of the PCI DSS? What’s the reason businesses should be concerned about getting PCI compliant? And is there any benefit from being compliant with the PCI DSS? We think so.
PCI compliance definition
The Payment Card Industry Data Security Standard (PCI DSS) is a standard written in, created by the major card brands and governed by the Payment Card Industry Security Standards Council (PCI SSC). The PCI DSS contains technical requirements which secure and safeguard payment card data in processing storage, handling, and transmission. Every business handling credit card information regardless of size or processing methods should adhere to these guidelines and be PCI certified.
Secures business data
It’s important to protect the data of your business and employees. While you’re paying attention to physical security for your business, are you dedicating enough time to secure your information online? Between malware-related threats, remote-access attacks, or social-engineering, it’s vital to take the proper security measures to ensure that your computers as well as servers, networks, and computers safe.
The entire purpose of the PCI DSS is protecting data stored on cards from hackers as well as thieves. If you adhere to this standard, you can ensure that your data is secure while avoiding expensive data breaches, and also protecting your employees and your customers.
For PCI compliance validation check out www.verygoodsecurity.com/compliance-solutions/pci
Improves customer confidence
Would you consider visiting any establishment knowing it was likely that your credit card details could be stolen? Perhaps not.
The confidence of your customers can affect whether your fiscal year is successful or not. Customers are less likely to consider your business in if they’re not confident in you keeping their data safe. Two-thirds of US adults wouldn’t return to a business after a data breach. If you’re breached or if your clients aren’t sure about your security, you may lose your business.
The fact that you’re PCI certified and promoting that to customers proves to your clients that you are committed to security and are taking every precaution to keep their payment data safe. It gives the customer (and you) some peace of mind.
Your clients are protected
Clients trust you to protect their personal information regarding their cards when they carry out transactions with your business. If you’re breached, you’re not the only one that suffers. Card data of clients is protected by your company. Your responsibility is to keep your clients’ data secure while stored in your company.
Be aware that if you not protect your customer’s data, you may be subject to fines and lawsuits particularly if you falsely claimed to they that your business was secured.
It provides a security standard
The PCI DSS provides a baseline of security requirements , which assist businesses to know what to do and where they should begin on their security strategy.
Many of the companies we speak with aren’t sure where to begin when it comes to information security. Some might think that closing the doors to their company is enough. Other businesses may overlook the need to secure their data. The aim is to minimize incidents involving data and complying with the 12 requirements provides a the foundation for a solid security.
The PCI DSS provides a standard that all businesses can and should follow. What’s important is that it has specific rules for various businesses according to size, type, methods of storing card data and more.
It helps you avoid fines and lawsuits
In the event of a breach In the event of a breach, not only do you deal with the loss of data, but you may have to deal with lawsuits and fines from clients and other organizations.
A great example could be one of the most notable breaches is Wyndham Hotel breach. After being targeted three times, Wyndham Hotel was sued by the Federal Trade Commission because they had falsely claimed to be safe after each breach. The suit was resolved with an agreement, but it demonstrates the consequences you could get in the event of a data breach.
Other penalties can include lawsuits filed by customers, third-party lawsuits, fines by the government, brand-name fines for cards, and much more.
If you’re PCI compliant, you can lessen the fines and decrease the amount of lawsuits or risk your business may face.
Reduces the costs of a data breach
Data breach can result in a significant loss of both cash and confidence of customers. It’s the cost of replacing debit and credit cards as well as paying penalties and paying compensations for the losses that customers lost in addition to audits and investigation costs. It all adds up quickly.
For many companies, a data breach could effectively shut them down good. Target was fortunate to have sufficient money and capital to pay for the cost, but many businesses don’t have that luxury.
Getting compliant with the PCI DSS will help reduce cost by helping to prevent data breaches in the beginning however, it will also help avoid fines. If you can prove that you have been compliant, penalties won’t be as severe if you weren’t making the effort.
Make sure you are PCI compliant!
Although many companies may not think that the PCI DSS is essential, it’s vital for both the businesses and their customers to adhere to the rules. Since they’re dealing with important data about their clients, and should that information be stolen, it will have consequences that go far beyond a simple theft.
Also keep in mind that PCI DSS is the absolute minimum that you must take to protect yourself from incidents that have occurred. It is essential to be in compliance with PCI DSS and build from there to address concerns that could be specific to your industry or environment.
Each PCI DSS requirement is there because a breach could have been avoided by having this control in place.
Take the time and cash to ensure your business is complying with the PCI DSS standard. In doing this, you’re protecting your business as well as your employees, clients and your image.