Why become Compliant with PCI DSS?

The Payment Card Industry Data Security Standard (PCI DSS) was formed to try to protect consumers, merchants, acquirers and issuers from the threat of credit card fraud. It is comprised from a series of policies, procedures and technical controls that aim to protect card data and keep it out of reach from criminal activity.

Compliance with data security standards can bring major benefits to businesses of all sizes, while failure to become PCI compliant can have serious and long-term negative consequences. Here are some reasons why.

• Compliance with the PCI DSS means that your systems are secure, and customers can trust you with their sensitive payment card information:
• Trust means your customers have confidence in doing business with you
• Confident customers are more likely to be repeat customers, and to recommend you to others
• Compliance improves your reputation with acquirers and payment brands -- the partners you need in order to do business. Compliance may also bring reduced merchant service charges.
• When you become PCI compliant, you are part of the solution – a united, global response to fighting payment card data compromise

Organisations that do not pursue PCI DSS but continue to process, transmit or store card data face increasing risks.

• Compromised data negatively affects consumers, merchants, and financial institutions
• Just one incident can severely damage your reputation and your ability to conduct business effectively, far into the future.
• Account data breaches can lead to catastrophic loss of sales, relationships and standing in your community, and depressed share price if yours is a public company
• Lawsuits & Insurance claims may be launched against you
• You will face Payment card issuer fines. These can be both fixed and variable fines depending on the size of the breach
• You may face Government fines