What is PCI compliant company? In the fast paced digital environment of today, the company needs to keep up with current safety or stop a wide range of problems. PCI compliance is entrusted standard guide companies in implementing sufficiently strong safeguards.
However, PCI compliant is more than just a nice proposal. Payment Card Industry saw what was happening in the e-commerce community, and knew that if big business (or any business for that matter) would continue to suffer security breaches, consumers could lose some or all of the confidence in shopping with credit cards.
In response to this threat to the industry, five major credit card companies developed the PCI DSS (Payment Card Industry Data Security Standard) and any company that stores, transmits, or otherwise process credit cards must be PCI compliant.
Payment Card Industry has established a number of incentives to encourage companies to achieve compliance. These incentives can include stiff fines and penalties, the potential loss of the ability to accept credit cards at all, or the protection of said penalties if the offense took place on the go.
But to become PCI compliant companies can be a long and arduous road. There are over 200 individual security controls make up 12 requirements. This all reached different than the necessary elements protecting valuable, sensitive data customers.
requirements can range from something as simple as installing a firewall into something more broad and all-encompassing as “protecting cardholder data.” That could mean anything, and has many controls to specify all it includes.
So what is the point of becoming PCI compliant company if it can be so difficult process?
point is really quite simple. Consumers in this day and age are suspicious lot. Everyone knows that they have to protect their personal information because personal information is one of the hottest, most liquid products for criminals to go after. If they are going to rely on the company, they need to know that their information is safe.
But today’s consumer is also not likely to spend time and effort in research business before buying. They are much more likely to simply assume that you are not as confident as you could be. It saves a lot of work.
Or what if they actually do a little research? If you do not have any type of standard to live up to, all they have to go on is your word that you have taken all necessary security measures. Sometimes it is enough. Sometimes it is not.
A PCI compliant companies, on the other hand, can tell their customers that they are living up to the very high standard of safety, and they are subject to regular checks, audits and testing to ensure that these security measures maintained. Even if consumers do not know or understand the full consequences of the PCI DSS actually does, they can easily learn that there is a standard created by the credit card industry. In other words, people are issued all the cards they are saying that these traders are doing what they should to protect the personal information of customers.
that further in this fast-paced digital environment, consumer information is going to be a priority for everyone, from customers to the merchants to Payment Card Industry. Your choice, then becoming PCI compliant company now, or wait and see if your business can survive for long without customer trust.
Payment Card Industry is very aware of the need for adequate safety measures, and they’ve brought the number of fines and penalties to encourage merchants to become compliant. Although in truth, PCI compliant company is one that does not have these encouragements in the first place. They are a company that recognized the PCI DSS as good for their customers and their own success.