Data Breach! You must be hearing about this a lot in recent times. Unfortunately, data breaches are happening more frequently and retail e-commerce sites are the most frequent victims.
Stealing credit card information will cause financial loss for your customer, in some cases, their identity will be stolen.
It is your duty as an organization to protect the data of your customers.
Did you know? The infamous data breach where 56 million credit card information was stolen from Home Depot could have been avoided through PCI DSS compliance.
Now the most important question of the hour is whether your organization is taking proper measures to protect the customer data? As a first step, your organization can get PCI DSS compliant.
PCI DSS is just the beginning and it doesn’t cover all aspects of your cyber security, its prime focus is to protect cardholder’s data.
Then there are testing services like Vulnerability Assessment and Penetration testing, which will help protect your organization from cyber-attacks. Even PCI DSS mandates penetration testing done by the organization on an annual basis.
Compliance Testing, also known as conformance testing, is a non-functional testing technique used to ensure that your organization meets the defined set of standards.
There are several standards established by various organizations in the digital world to ensure safe and secure business. PCI DSS is one such standard established by payment card industry.
What is PCI DSS? What Will Happen to your Business if you are Not PCI Compliant? Is it Mandatory to be PCI DSS Compliant?
PCI DSS is Payment Card Industry Data Security Standard that was set to maintain a secure way to process credit card payments online by mandating security around storage and transmission of cardholder’s data and reduce data thefts.
This standard is not geography specific and is followed by organizations across the world.
The PCI standard has 12 high-level requirements which the organization has to follow in order to stay PCI compliant.
It is completely your organization’s decision whether are not to adhere to PCI compliance.
However the consequences an organization faces in case of a breach are, non-compliance fines, lawsuits, most importantly you will lose your reputation considering you have compromised your customer’s data.
Though there are numerous benefits, here we are going to see the 4 key benefits for your organization for being PCI DSS compliant.
According to Computer Weekly, since 2010 not a single organization that is 100% compliant with PCI DSS has faced a security breach.
Getting PCI DSS compliant means you are doing the best to protect your organization from security breaches.
The PCI DSS sets a standard of security requirements that help companies identify what to do and where to start on their security measures. It decreases the risk of security breaches.
Would you provide your credit card information knowing that it won’t be safe? The same goes for your customers.
Your customers are providing you with their card information and when they realize that you have compromised it, your brand image is going for a toss.
Being PCI DSS compliant means that you are taking extra care to keep your customer’s data secure.
This will build trust and boost the confidence of your customers towards your brand. It conveys that you are serious about security and taking measures to protect the payment information.
This will protect your brand image and a peace of mind for you and your customers.
PCI DSS compliance drastically reduces the probability of getting breached and the likelihood of getting fined.
In an unfortunate event of a breach, you not only lose data but also face fines and lawsuits. Should there be a breach and your company is PCI compliant, the company will be given a ‘Safe Harbour’ status which will save you from hefty fines.
If one of your customers decides to take you to the court and sue you, the court will be lenient considering you are PCI DSS compliant.
Customers will not know exactly what your organization is doing to protect their data. With lots of data breaches happening customers are sceptical in providing their card information.
However, if you show your customers that your organization complies with one of the most stringent and rigorous standards may convince them that you care about customers data.
They will be happy to give business to you and be loyal to you. A happy customer means profitable business.
Now that a security breach is most likely not going to happen, and you will not be bombarded with fines and lawsuits, you can concentrate more on your business and how to make money.
With the above-mentioned benefits, it is clear that being PCI DSS compliant not only protect your customers’ data but also helps your business sustain.
With the right partner, you can stop worrying about security and start concentrating on key aspects of your business.
Indium has 19 years of experience in the field of security testing services and has a proven track record in successfully delivering projects in security testing Talk to our expert now and learn how to protect your organization from the next security breach.
By Uma Raj
By Uma Raj
By Abishek Balakumar
Pradeep is a Content Writer and Digital Marketing Specialist at Indium Software with a demonstrated history of working in the information technology and services industry.