Learn why getting PCI compliance is crucial to you, your company, and your customers.
With the increase in data breaches , comes the increase in regulations and changes regarding those who are part of the PCI DSS. For many businesses, getting PCI certified is seen as an unnecessary task and the penalties breached companies are imposed for not being compliant seems to boost anger.
So what’s the point of the PCI DSS? Why should companies be anxious about becoming PCI conformant? Is there any advantage of being compliant PCI DSS? We believe that it is.
PCI compliance Definition
The Payment Card Industry Data Security Standard (PCI DSS) is a standard written in developed by the top card manufacturers and maintained through the Payment Card Industry Security Standards Council (PCI SSC). It is the PCI DSS contains technical requirements which protect and secure payment card data throughout processing, handling, storage, and transmission. Businesses that handle payment card data regardless of size or the method of processing used must adhere to these requirements and be PCI fully compliant.
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Secures business data
It’s essential to protect the information of your company as well as your employees. While you may be paying attention to physical security within your company but are you spending enough time to protect your information digitally? Between malware threats, remote access attacks, as well as social engineering attacks, it’s vital to take appropriate precautions to keep your computer, networks, and servers secure.
The main purpose behind PCI’s DSS is to safeguard card data from hackers and thieves. If you adhere to this standard, you can ensure that your data is secure by avoiding costly data breaches and protecting your employees and your customers.
Enhances customer confidence
Would you visit an establishment knowing it was likely that your credit card information could get stolen? Probably not.
Customer confidence can really affect whether your fiscal year is successful or not. People are less likely to invest in your company when they don’t trust in you keeping their data secure. The majority of US adult consumers wouldn’t visit the business following a data breach. If you are breached or if customers aren’t sure about your security, you might lose business.
The fact that you’re PCI certified and promoting this to your customers shows your clients that you are dedicated to security and taking every precaution to keep their payment data safe. It gives your customers (and you) some peace of mind.
Your clients are protected
Clients trust you to protect their personal information regarding their cards when they conduct transactions within your company. If you are breached, it’s not just you to is affected. Client’s card information must be secured by your company. You are responsible for keeping their information secure when it’s in your possession.
Do not forget that if not protect your customer’s information, you could be subject to fines and lawsuits especially if you falsely told that your business was safe.
Provides a security standard
PCI DSS PCI DSS provides a baseline of security requirements that will help companies understand what they must do and where they should begin with their security plan.
A lot of companies we talk to aren’t even sure what to do about information security. Many may believe that locking the doors to their business is sufficient, while others might not even see the need to secure their data. The aim is to minimize data breaches and ensuring that you follow the 12 guidelines provides strong foundation.
The PCI DSS provides a standard which every company must adhere to. It’s beneficial because the standard includes specific guidelines for different businesses that are based on size, typeand methods for storing card information, and so on.
It helps you stay clear of lawsuits and fines.
Should you get breached in the event of a breach, you’ll not only have to deal with the loss of information, but you could also face lawsuits and fines from customers and other organizations.
An excellent example of this is an example is the Wyndham Hotel breach. After they were attacked three times, Wyndham Hotel was sued by the Federal Trade Commission because they claimed they were secure after each breach. This lawsuit ended in settlement, but it shows what repercussions you could get in the event of a breach.
Other penalties can include third-party lawsuits, fines from the government, card brand fines, and more.
If you’re PCI certified, you’ll be able to lower the amount of fines you pay and also reduce the amount of lawsuits and risk your business may face.
Reduces the costs of a data breach
Data breaches could be costly in both cash and confidence of customers. There’s the cost of replacing accounts, paying fees and paying for compensations for what customers lost and also investigation costs and audits. It all adds up quickly.
For many businesses an incident with a breach of data could be enough to shut them down for good. Target was lucky to have sufficient money and capital to pay for the cost, but many companies aren’t as fortunate.
Making sure you’re compliant with PCI DSS will help reduce costs by helping prevent data breaches in the first place and also to avoid fines. If you can prove you were in compliance, penalties won’t be as harsh if you weren’t making the effort.
You must be PCI compliant!
Although many companies may not see the PCI DSS as necessary, it’s crucial for both businesses and their customers that they adhere to the rules. After all, they’re handling valuable information about their clients, and should that information be stolen, it will have consequences that go far beyond a simple theft.
Keep in mind that the PCI DSS is the absolute minimum you can ensure against any violations that have occurred. It is essential to be in compliance to PCI DSS. You can build from there to address issues that may be unique to your business or industry.
Every PCI DSS requirement is there as a result of a breach that could have been prevented by having this controls in place.
Take the time and money to make sure that your company is in compliance standards like the PCI DSS standard. In doing this, you’re protecting your business as well as your employees, clients, and even your own brand.