The Significance of the PCI DSS: Why you should get compliant?
Yes, data breaches are mounting every day on top of businesses. At the same time, PCI arrives with multiple changes and rules to combat existing and future security concerns. However, many organizations seem far away from getting PCI compliant. But what awaits in due course are high penalties and regulatory fines resulting from data breaches.
The condition clearly shoots out loud about the worth of getting compliant or proven adherence to the golden standard. Don’t just blindly believe! We have the best insights demonstrating the essence of compliance. Without further hold, let us jump to what the security standard truly means and why businesses should consider it paramount.
Defining the term: PCI DSS compliance
The Payment Card Industry Data Security Standard (PCI DSS) marks a standard designed by the Payment Card Industry Security Standards Council (PCI SSC) for major credit brands. It comprises technical requirements that help secure card data during processing, handling, storage, and transmission. Proving sound compliance with these requirements draws the term PCI DSS compliance.
Any business that handles card data, regardless of size or processing ways, requires adherence to the standard. And that is where PCI DSS Compliance Audit from trusted and well-known PCI DSS compliance consultants carries the big deal. Back to the core area of focus, let us see why businesses today require PCI DSS compliance audits as a part of their ongoing business activities.
Why do businesses require compliance with PCI DSS?
1. When data security goes critical
The biggest asset for any business is the data it holds and transmits. So, it is very much critical to ensure protection for the same. While you pay enough attention to bind your physical periphery, are you sparing enough time to protect information digitally? Also, the present time marks a heavy rise in malware attacks, remote-access attacks, and social engineering. Hence, the protection of systems and networks is very much critical.
The whole purpose of the PCI DSS is to defend payment card data from hackers and attackers. Adherence to the standard will keep your data protected and concealed. It also helps avoid costly data breaches and guard your customer and employees.
2. When customers are valued
Think of whether you would go to a credit card brand if you already knew your data would be at risk. Perhaps no one would dare to. It simply indicates how customer trust leans towards security. Customer confidence is a crucial element that decides how your profit weighs in the fiscal year. Checking the stats, two third of customers in the US never want to return to a business after a data breach. And hence, you lose your business.
Getting PCI compliant demonstrates to your customers that you take security earnestly and will take every protection measure to keep their payment data safe. It is a way of providing some peace of mind to you and your customers.
3. When you need to protect your clients
When customers invest trust in your payment brand, they actually require optimum protection in every transaction they make. Imagine a scenario of getting breached. It is not only your brand or reputation getting influenced but also customer critical information possessed by you. Hence, maintaining a secure payment environment for customers is very much significant.
PCI DSS compliance audits help evaluate your payment security posture. The activity identifies and fixes any flaws and aids in building a robust payment environment. Also, remember that facing a breach could lead to unexpected setbacks for your business.
4. When you ought to avoid fines and lawsuits
Data loss is not only the by-product of getting breached. You may face other consequences cited earlier, such as lawsuits and fines from customers and other organizations. Also, regulatory commissions might charge higher penalties after a breach following settlements on the flip side. Other fines include government fines, third-party lawsuits, customer lawsuits, card brand fines, and many more.
If you are PCI compliant, you can lower these fines and downsize the number of lawsuits and penalties your organization may incur.
5. When you require a baseline of security requirements
PCI DSS baseline requirements help businesses understand what to do in security and where to start on their security program. There are many organziations that do not know where to embark on information security. Some might think that just by locking their periphery, they get protected. On the other hand, there are organziations that see security as only a one-time activity or with limited applicability.
PCI DSS focuses on establishing the 12 requirements as a strong foundation for businesses conducting credit card transactions. It also demonstrates a benchmark standard that every business can or should follow.
6. When you think of reducing data breach impact & costs
Data breaches can be very harmful in terms of cost incurred and reputational impact. There is the cost of replacing payment cards, paying penalties, and settlements for what the customers have lost, not to mention investigation expenses and audit fees. These costs add up pretty quickly. The average data breach cost for the year 2022 has shown an increase of 2.6 % from the previous year. For many businesses, a data breach could shut them down with ease.
PCI DSS compliance will help reduce costs by dissuading data breaches in the first place and also control fines. If you can ascertain your compliance, the penalties wouldn’t be as bad as if you were not making the effort.
So why further delay? Get PCI compliant!
While businesses may be far from seeing the essential part of the PCI DSS, it is vital for customers and businesses to follow these conditions. You should also understand that customer information is valuable, and if that information is stolen or compromised, it will have repercussions beyond just a simple theft. Also, PCI DSS is a minimum thing you must consider while looking to protect your business from known breaches.
ValueMentor is one of the trusted and globally rooted PCI DSS compliance consultants with a full-fledged team of expertise. Our consultants are qualified in the payment card division and have earned the recognition of being the trusted choice to perform compliance audits. So why wait! Take the extra time and capital assuring sound compliance with the golden standard. By doing so, you protect your business, your employees, your clients, and your brand. Leap to our service page to know more about PCI DSS compliance program.
Consult our cyber security specialists
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