Rising data breaches have dragged attention of IT professionals to make persistent efforts to secure confidential business data and client information. As we all know both businesses and clients are making online transactions using payment cards, entities who are handling payment card data are required to implement adequate security measures.
The Payment Card Industry Data Security Standard is an international security protocol, which authorizes merchants, service providers and data centres for fulfilling the PCI requirements. The implementation of this compliance develops a secure, regularly assessed environment and methods for secure handling of payment card data during monetary transactions. PCI compliance offers well-rounded security to cardholder data not only at the point of sale but also during storage and transmission.
Whether you are a merchant, service provider, data centre, fund issuer or a processor; you need to follow the PCI compliance to ensure data security. Though third-party data storage facilities don’t directly handle online transactions, their clients are often handling online payments; this is why data centres should essentially pay attention to become a PCI compliant data centre.
Here I am sharing few critical reasons to explain the importance of obtaining PCI compliance for businesses.
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To ensure data security:-
When it comes to protecting business and employee data, entrepreneurs tend to make a common mistake of not paying attention to secure digital data present on online and web systems. Instead, they are paying attention to strengthen physical security, which is not enough to secure critical data from breaches. Company owners are advised to protect their critical data from expected online threats like malware and attacks from unauthorised access.
Extended data protection is only possible with the execution of proper precautions to protect computers, network and servers. Similar to other security measures, PCI DSS is also data protection, which is designed to protect credit card user data from hackers and thieves. Integration of this security standard keeps data secure and helps you to avoid costly data breaches.
To improve customer confidence:-
Today’s customers are aware of data security issues. They prefer to avail services from a vendor, who is capable of protecting their credit card details and protecting the misuse of data. Obtaining a compliant from PCI accredits business and conveys a positive message to prospective customers. When customers feel confident about a vendor, they consider it seriously and prefer to choose that vendor every time they need. Customers would never come back or prefer to deal with a business that has experienced a data breach.
To enhance protection of client data:-
Consider it like a relationship. When clients interact with a vendor and share its credit card information for payment, they trust on a service provider. They believe that information never misused and the vendor always protects their credit card information. Obtaining this PCI compliance helps businesses to fulfil the responsibility of protecting customer data. If a business fails to protect customer data, company owner will face lawsuits and fines. Specifically, if he hides the truth and falsely shows that business is secured.
To offers a standard security system:-
Getting a PCI DSS certificate delivers a baseline security requirement. This will help businesses to identify what should they do and where to start implementation of information security? Vendors, who are not aware of the importance of information security, mistakenly assume that physical security arrangements are enough for data protection. In addition to physical security measures, online security is also mandatory to reduce data breaches. PCI standards are easy to follow for business owners and help them to develop customizes rules according to nature, size and data storage method.
To lower down the cost of a data breach:-
Data breaches are incredibly costly for the companies who are receiving card payments in the absence of security compliance. They are liable to pay for credit card replacement, fines and compensation to customers along with the cost of investigation and audits. Depending upon the breach, they will be paying a huge amount. Paying millions of dollars is not possible for every vendor. Shortage of capital could even shut down a setup.
Endnote: Obtaining PCI compliant for data centre and business is mandatory to safeguard confidential information of client and company data.