With the increasing number of people now using the internet for shopping and the new high tech methods of accepting payments online and in traditional ‘brick and mortar’ stores, security has become an important issue for both businesses and consumers. The business community has recognized the need for quality security protocols and has implemented an effective security policy known as PCI Compliance. The Payment Card Industry Data Security Standard (PCI DSS) is a global security standard designed to protect businesses and consumers. The purpose is to protect personal and financial information from such threats as identity theft. When implementing PCI DSS, both the business and consumer benefit.
Below is a list of the benefits to a business when they implement PCI DSS:
1. If a company becomes PCI compliant and they have a breach in security, they will not be fined. The company will be given “safe harbor” status as long as they were PCI compliant at the time the security breach occurred. If a company is sued by consumers, the court will be more lenient on the company if it was PCI compliant. That is, if the company shows they had implemented all of the proper security measures.
2. By being PCI compliant, companies will give customers peace of mind knowing they are protected when they make a purchase. By protecting their customer’s personal data, customer buying confidence will be boosted. Maintaining customer trust creates loyal customers which improves sales. Customers will feel satisfied knowing that their cardholder data is safe when transmitted and stored. As well, the reputation of the company will be solid and the reputation of the brand will remain protected.
3. Businesses will be protected when they are PCI compliant as they will be able to build and maintain a secure business network. Their systems will be less prone to a successful attack and there will be continual security checks to make sure compliancy is maintained.
Becoming PCI compliant is a relatively quick and easy process, depending on the size of the business, their level of technology, and how many threats need to be minimized once the scan has been completed. It is recommended that a business enlist the services of a professional to help them become PCI compliant. An IT security expert can thoroughly assess a business security needs and implement an effective plan that will ensure that the business remains compliant in PCI.
Any company that stores or transmits cardholder account data is a potential target of criminals which is why any merchant or service provider that processes, transmits, and stores cardholder data must be PCI DSS compliant. PCI DSS protects cardholders and minimizes the risk to your business. PCI compliancy allows a business to simplify their security requirements, policies, and plans.
Well informed consumers will only shop at PCI compliant companies. They will know how to identify a company that is PCI compliant; therefore, it makes sense to become PCI compliant. The benefits of implementing PCI DSS far outweigh the personal and financial costs if a security breach occurs.
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