Payment Card Industry compliances make non-cash payment processes significantly more safe for the general public. PCI compliance ensures development, enhancement, storage, dissemination, and implementation of security standards for account data protection. With the increase in data-related tragedies over the past decade and millions of reported cases of data-breaches and identity theft, complying with the demands of PCI DSS is not just a matter of choice. PCI DSS or Payment Card Industry Data Security Standard is more than an obligation for most companies if the companies provide the luxury of non-cash payments by conducting card-based transactions, it is in their best interest to apply the requirements Payment Card Industry Data Security Standard has set for them.
Protecting and Securing your Business Data:
Your employees and clients are your company’s asset, and their private information or data is like any other asset, incredibly valuable. Hence it is immensely important to safeguard this data. Malware threats, hackers, remote-access attacks, and social engineering, are all potential threats to your assets and hence there is a need for precautionary measures. Steps are to be taken to encrypt any such form of sensitive data, so it remains free from any third party intrusions. A benefit of complying with Payment Card Industry Data Security Standard is keeping your assets safe and sound.
Improve Customer Relationship:
The purpose of Payment Card Industry Data Security Standard’s requirements is to ensure that people remain safe and can function well in the society without having a fear of hackers and thieves constantly hovering over them. People will most likely invest more in a company if the claim that company to be trustworthy, i.e., providing security for the cardholders and protecting their sensitive information. Customer confidentially can positively and negatively impact your organization; therefore, it should not be taken lightly. If a company has a record of security breaches, customers will not be confident about remaining affiliated with that particular organization and hence will seek other alternatives.
Setting a Security Standard:
With the Payment Card Industry Data Security Standard’s requirements backing your organization, you have a well-maintained baseline for all your company’s actions. With complying willingly with the terms set by the Payment Card Industry Data Security Standards, your company will be able to enjoy a position of freedom it wouldn’t have otherwise. A standard is a benchmark for any organization that implements a certain practice, and maintaining the benchmark not only improves business but is also beneficial to the company’s reputation.
Avoiding Lawsuits and Security Related Legal Penalties:
By complying with the terms and conditions the Payment Card Industry Data Security Standard has set out for us, companies can afford the luxury of operating freely without the fear of frauds and scandals. Organizations that have been subjected to various security breaches and security malfunctions are sued for breaking customer confidentiality. Federal Trade Commission sued Wyndham Hotel after they repeatedly tried covering their security breaches. Hence a company can lose a lot more than just its money when rumors about fraud and breaches surfaces. It is best to abide by and comply with the requirements stated by PCI DSS.