The widespread acceptance of credit cards as a primary method of making payments has brought benefits to merchants and customers alike. However, cases of identity theft, fraud and data breaches remain a significant concern among industry players. Consequently, the recent years have seen the tightening of PCI DDS rules to ensure the security of credit card transactions.
What is PCI DDS?
Payment Card Industry Data Security Standard is a set of regulations that govern how all businesses should accept, process and transmit credit card information to maintain a secure business environment for all. Any organization that handles any card data must adhere to the stipulations of PCI DDS
Why PCI DDS is relevant to your business
Protecting business data
With the rising prevalence of hacking threats and malware attacks in commerce, the number of data breaching incidents is on the rise. A data breach can cost a lot in replacing credit cards, compensating clients, paying fines and conducting investigations.
If you’re lucky, you could get a firm like First American Merchant to give you a cash advance and quickly get the situation under control. But even that won’t be enough to bring back the confidence your customers had in the business.
PCI DDS dictates the level of data security any business should attain, and the measures a business owner should take to keep computers, networks, and servers safe. Complying with the standard will help you avert the problems that come with compromised business data.
Protecting your customers
In the event of a data breach, your clients’ credit card information will be as vulnerable as your business data. Failure to protect their data will make you liable to lawsuits and fines, especially if you led them to believe your business was secure.
As the merchant, therefore, you’re required to keep customer data safe while it’s in your possession. PCI DDS compliance will keep you on your toes to ensure the protection of sensitive credit card information.
Showing you where to start
Everyone wants a secure business environment, but many simply don’t know how to realize this goal. Some may think that having an alarm system and someone manning their doors is enough, and others may choose to employ expensive IT specialists.
The PCI DDS outlines a list of security requirements that every business should follow. Using it as a baseline will, therefore, help you know where to start on your safety system.