Learn why getting PCI compliant should be important to your company, your employees, and your customers.
With the increase in data breaches comes the rise in rules and modifications to PCI DSS. PCI DSS. Many businesses believe that becoming PCI compliant is considered unimportant and the penalties breached businesses are given for not complying seems to create more discontent.
So , what’s the significance of the PCI DSS? What’s the reason businesses should be worried about being PCI compliant? Are there any benefits from being compliant with the PCI DSS? We believe so.
PCI compliance definition
The Payment Card Industry Data Security Standard (PCI DSS) is a written standard developed by the top card brands and governed through the Payment Card Industry Security Standards Council (PCI SSC). It is the PCI DSS contains technical requirements that secure and protect payment card data in processing, handling, storage, and transmission. All businesses that handle credit card information regardless of their size or processing method must adhere to these requirements and be PCI compliant. For more information on the payment card industry standards visit www.verygoodsecurity.com/compliance-solutions/pci
Secures business data
It’s important to protect your company’s data and employees. While you might be paying attention to physical security in your business do you have enough time to safeguard your data electronically? Between malware threats, remote access attacks and social engineering, it’s important to take the necessary precautions to keep your computers, networks, and servers safe.
The primary goal of the PCI DSS was to secure the card information from hackers and thieves. By following this standard you can keep your information safe, avoiding costly data breaches as well as protecting your employees and customers.
Increases confidence of customers
Would you visit any business knowing it was likely that your credit card data could be stolen? Most likely not.
Confidence in your customer can determine whether your fiscal year is successful or not. People are less likely take your business if they don’t feel confident that you’ll keep their personal information safe. A majority of US adult consumers wouldn’t visit a business after a data breach. If your company is breached or if your customers don’t feel confident in your security, you may lose business.
Making sure you are PCI compliant and advertising this to your customers shows your customers that you’re serious about security and you’re taking every precaution to ensure that their personal information is safe. This gives your customers (and you) security.
Your clients are protected
Your clients trust you with the details of their credit cards as they pay for transactions through your company. If you are breached, there’s no one else who suffers. The data of your clients’ credit cards must be secured by your business. You are accountable for keeping their information secure when it’s within your control.
Do not forget that if 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 safe.
Security standard
PCI DSS PCI DSS provides a baseline of security requirements , which assist businesses to know what to do and how to get started on their security program.
Many of the companies we speak with simply don’t know how to start with information security. Many may believe that locking the doors to their company is enough. Others may not be aware of the need to safeguard their information. The aim is to minimize incidents involving data and complying with the 12 rules provides solid foundation.
The PCI DSS provides a standard that every company can and must follow. What’s important is that the standard has specific rules that are applicable to different companies that are based on size, typeand methods of storing data from cards, and so on.
You can to avoid lawsuits and fines.
In the event of a breach In the event of a breach, not only do you have to deal with the loss of data, but you also have to have to deal with lawsuits and fines from your customers and other businesses.
An excellent example is one of the most notable breaches is Wyndham Hotel breach. After they were attacked three times, Wyndham Hotel was sued by the Federal Trade Commission because they had falsely claimed to be secure following each breach. The suit ended with a settlement, but it shows what repercussions you might face in the case of a data breach.
Other fines include customer lawsuits, third-party lawsuits, government fines, card brand fines and many others.
If you’re PCI conformant, you’ll lower the amount of fines you pay and also reduce the number of lawsuits and the liability that your business could face.
Reduces the expense of a breach
Data security breaches can cause a lot of damage in both money and trust in your customers. There’s the cost of replacing the credit card, paying for fines and paying compensations to compensate customers for what they have lost as well as audits and costs for investigation. It all adds up quickly.
For many businesses, a data breach could easily shut them down for good. Target was fortunate to have enough capital and income to cover the expenses, however, most businesses don’t have that luxury.
Getting compliant with the PCI DSS will help reduce costs by helping prevent data breaches in the first place, but to also help in avoiding fines. If you are able to prove that you were compliant, the penalties won’t be as severe when you’re not making the effort.
You must be PCI compliant!
While many businesses may not be aware that the PCI Security Standard as a necessity, it’s vital for both the businesses as well as their clients to adhere to the rules. After all, they’re handling valuable information about their clients and should that information be stolen, it can have repercussions beyond just a simple theft.
Also keep in mind that the PCI DSS is the absolute minimum you should be doing to prevent violations that have occurred. You must comply with PCI DSS and build from there to address any issues that are specific to your specific industry or.
Each PCI DSS requirement is there in the event of a breach, as it could have been avoided by having this security measure in place.
Take the time and cash to ensure that your company is in compliance the PCI DSS standard. In doing this you’re protecting your business employees, your clients, and your brand.