Earlier this month, Adobe’s system was hacked and sensitive card holder and customer information was compromised that could impact as many as three million people worldwide. A data breach of any level can happen to any size business at any time. The cost of a breach for a small business could mean the end of business. The best way to handle a situation like this is to take necessary precautions to lessen risk of an event like this even happening. This is why PCI security standards are so important.
The PCI Security Standards Council (made up of all the large card brands including Visa and MasterCard) is constantly working to monitor threats as data compromise becomes more sophisticated which is why PCI compliance is ongoing that must be updated on a yearly basis. What are the benefits of complying and risks of not complying, you ask? Continue reading to learn more.
What are the benefits for my business to be PCI compliant?
- $50,000 breach protection package – if you are compliant and you experience a data breach, you are covered.
- Better preparedness – depending on what industry you are in, you will likely be more prepared to comply with other regulations such as HIPAA, SOX, etc if you are currently PCI compliant.
- Improve efficiencies – taking a deeper look into your IT infrastructure may lead to improved efficiencies and will give you a basis for a security strategy.
- Peace of mind – knowing that you are providing the best security for your business and your customers, you can rest a little easier.
What happens if my business is not PCI compliant?
You’ve worked so hard building your business. Don’t let a disastrous event like a data breach negatively impact your business.
- Monthly fines – if you are not PCI compliant, you will most likely notice a fee tacked on to your monthly processing statement. We’ve seen this monthly fee as high as $40 per month and it does not stop until you become compliant.
- Lose your right to process – some processing providers may take away the right for you to process if you refuse to follow the PCI security standards and prove you are compliant.
- Reputation – you want your customers or patients visiting you with confidence that their information is secure.
- Loss of revenue – a data breach can lead to catastrophic loss of sales and important business relationships.
- Other negative consequences
- Lawsuits
- Insurance claims
- Payment card issuer fines
- Government fines
Watch this short video to learn more about the importance of PCI compliance.
If you have questions regarding your PCI compliance status, please contact us or learn more about PCI Compliance by visiting our website – https://chipdpay.com/pci-compliance/. If you are unfamiliar with PCI compliance, contact your current processing provider to see if this is something that is required and that they follow themselves. If not, we would seriously recommend switching to a processing provider that is more secure.
Source: https://www.pcisecuritystandards.org/security_standards/why_comply.php