As we all know, data breaches occur fairly often. Due to which, millions of customer credit & debit card information are stolen over time. And you know why? It’s the lack of due to the lack of compliance with merchant security measures. After so many data breaches all around the world, the experts have come up with the perfect solution known as PCI DSS. These are the Security Standards, and the goal of this council is to help facilitate the broad adoption of consistent and unbreakable data security measures.
What is PCI Compliance, and what does it mean?
PCI DSS stands for Payment Card Industry Data Security Standard. It’s the set of standards created to improve controls & reduce credit card fraud. It’s done by mandating security around storage & transmission of cardholder data. Even though the Federal Law in the USA does not require it, but PCI applies to any organization accepting credit or debit cards, no matter how small or the large amount they deal in. With the help of compliance, you can help prevent security breaches as well as theft of payment card data.
Why do businesses need to be getting PCI compliant? And are there any benefits of getting compliant with the PCI DSS? So let’s dive in;
Secures Business Data
It’s imperative to protect your business confidential information that includes everything from your clients to employees. It’s undoubtedly great to be attentive towards the physical security but never overlook the digital or virtual aspect of the security as the hackers don’t need to enter physically to their mal-practices.
Your security systems have to be ready for any unauthorized access, penetration or in simple words ‘Hacking’. The actions usually include malware threats, remote-access attacks, and social engineering etc. that target your computers, networks, and servers.
By getting compliant with PCI DSS, you can easily protect your card data from hackers and thieves. Just keep up with these standards, and you’ll be able to keep the data secure, avoiding data breaches and protect employees and customers.
Boosts customer confidence
Would you ever want to pay online through credit or Debit card if you knew that this could be stolen? Obviously not. Perhaps that’s the reason why it’s essential for the business to win the customer confidence. It can affect whether a fiscal year is going to be profitable or not.
It’s quite simple. People aren’t much likely to take your business in case they aren’t confident in you keeping their data safe. As per stats, Two-thirds of adults in the United States won’t return to a business after experiencing a data breach. So whether you get breached, or customers aren’t confident in your security, you lose business.
So make sure to get PCI compliant and show your customers that you’re serious about their security and taking every precaution to keep their payment data safe. You give them this peace of mind, and they’ll be comfortable doing business with you.
Provides a security standard
It provides a set of security requirements helping enterprises know what to do & where to start on their security program. Most of the organizations have no idea where, to begin with, information security. Some might even think that locking the doors to their business is enough, and the rest don’t even feel the need to secure their data. Be mindful that the goal is to reduce data breaches.
So get along with the PCI compliant data center as it offers a standard that every business can & should follow to keep from any potential data breach. What’s most appealing about this is has specific rules for different business models. It entirely depends upon the size type, methods of storing card data, etc.