PCI DSS stands for Payment Card Industry Data Security Standard and this standard was established to address security concerns on card payment transactions. The main role of PCI DSS compliance is to protect sensitive payment card data and this includes details such as the name of the cardholder, expiration date of the card, primary account number and the security code. When you engage in a transaction with a business, this standard allows the business to prevent unauthorised access to your details.
You can find a company that offers PCI DSS service in order to protect sensitive information of customers. Breaches in security when it comes to transactions is something that customers are very concerned about. And they put a lot of trust in the business when they engage with it and make a transaction. When a business complies with PCI DSS, it gives some assurance to the customer that their data is handled with high security and care. And this can go a long way towards gaining customer trust. This will also be one of the reasons that customers maintain business with your company. Also, it is a legal requirement to comply with PCI DSS. If you fail to comply, you will have to face many financial and legal consequences. For example, you may be fined, penalised or face a potential lawsuit as a result.
If your company experiences a data breach, it can be quite devastating for your business.
There is a high cost involved when you experience a data breach. You will need to investigate the cause and notify the customers that have been affected by it. There will be fines and other expenses associated with this. And something that will hurt your business more than the expenses will be a hit to your reputation. You will lose a lot of customers because of this as they will feel you are not able to secure their information again and this will bring your revenue down significantly. Therefore, you can avoid a lot of issues by complying with PCI DSS. When you comply with this standard, your overall cyber security will also improve. It is not just payment card data protection that is provided. When you implement these practices, you can strengthen the organisation against a range of cyber threats.
There is also a competitive advantage you will gain when you comply with PCI DSS.
This is because consumers will actively look for a business that gives high priority to protecting data. And you can display the PCI DSS compliance logo on the website and in the physical stores so that customers will have some peace of mind when they use their payment cards with your business. The risk of payment card fraud is reduced with PCI DSS compliance measures. And this is achieved using encryption, authentication methods etc. so that it is more difficult for a cybercriminal to steal cardholder data. Your commitment to security is indicated with PCI DSS compliance and this will be positive publicity for your business.