What PCI Compliance Means for Your Business
As technology becomes more and more sophisticated, there also comes the challenge of online security. Whereas online security is not elusive, it is largely vulnerable. Most businesses that complete their transactions online face such vulnerabilities. This is the reason businesses that transact using credit/debit cards are required to meet certain security measures for online transactions. The requirement is called PCI compliance or PCI DSS compliance. The payment card industry data security standards are not just intended to protect the interests of customers. Rather, they protect both the business and the customer. Surprisingly, PCI compliance is the heartbeat of businesses, especially small enterprises. PCI compliance ensures continued customer trust, steady share price, reduces chances of lawsuits and claims, and helps to build a business reputation.
Given the fact that some cases of credit/debit card information breach occasionally happen, businesses that have ensured PCI compliance usually build trust with their customers. The reason is that customers are drawn to businesses that take measures to avoid exposing them to fraud. Consequently, customers would apply for their cards and use them with full trust that their data are safe. Therefore, it is important that businesses consider all standard safety protocols. For example, businesses that constantly update their security software through patches reduce the chances of a successful attack against them.
Furthermore, PCI compliance means that firms maintain their reputation. This comes at a time when reputation is everything given how fast news spread through social media. Without a good reputation, customers are likely to shy away from a business. Therefore, businesses that maintain the required level of security reduce unauthorized access. This gives the public confidence to continue doing business with the firms. Such a positive relationship with customers builds a business reputation and a good public image.
Reduce Chance of Lawsuits
Most importantly, PCI compliance means that your business would reduce the chances of lawsuits and claims. Going by the few cases of data breach, it is evident that disappointed customers can launch a class-action lawsuit. One of the reasons for card-related lawsuits is the failure to protect individuals’ private information. There have been cases where hackers successfully breached cards and accessed information on the card. Consequently, some businesses have had to settle huge claims. PCI compliant businesses have been spared legal battles, bad public image, and damaging lawsuits.
Above all, PCI compliance will ensure that your business shares price remains steady. The market and the public usually react negatively to bad news. You certainly do not want to be on the news for all the bad reasons. Should your business be involved in a data breach and the information becomes public, as usually is the case, then brace for falling share prices. Your business may end up losing a lot of money from the market than what you would have used to ensure compliance. This means that compliance is the cheapest way to go. PCI compliance means that your systems are secure. However, security does not mean you are 100% shielded from attacks. Many businesses thwart various attacks almost on a daily basis.
Finally, your business being PCI compliant means that you are reducing risks for your customers and that you are encouraging corporate security. Strong corporate card security means that you indirectly support business transactions. This way, you contribute to the creation of a safer business environment in which your firm can transact confidently.
As has been noted above, PCI compliance helps businesses to build trust with their customers. It also helps businesses to build their reputation and maintain a positive public image. Moreover, it reduces the likelihood of lawsuits against the business and prevents sharp declines and fluctuations to share price in the market. To this extent, PCI compliance requires that your business protects your customers from possible fraud as the customers help you build a positive public image.