6 Things You Have to Know About PCI Compliance
Becoming PCI Compliant is important for you and your customers.
Why? Because it means that you and your customers will have better protection against credit card frauds or data breaches that could cost a lot of money and time to fix.
With that said, here are 6 things that you need to know about becoming PCI Compliant:
1. Your Security Level Depends on the Number of Credit Cards You Handle
If you and your company have access to many different credit cards, then chances are that you’ll need to acquire a higher level of security. Most credit card companies will abide by the same compliance standards, but some will have much stricter standards.
2. PCI Compliance Will Always Be Evolving
As the times change, so will the technology associated with PCI DSS. As technology evolves, so will the hackers. That’s why PCI isn’t necessarily a fool-proof method of protecting data. To stay ahead against hackers, a lot of PCI levels will require companies to complete examinations and inspections on a monthly, quarterly and/or annual basis.
3. If You Accept Credit Cards, You Need PCI Compliance
All businesses (no matter what size) that accept credit cards have to be compliant with PCI. There are a variety of levels when it comes to this, so find out what level you and your company need to be at.
4. It’s Not Illegal to Not Be Compliant, but It Can Be Costly
Not being PCI Compliant isn’t against the law. However, your company’s finances won’t be the only thing that’s at risk by not having it. Â Statistics show that 31% of loyal customers will not return to your brand or any of your locations in the event of a data breach. It’s a serious threat, and that’s why you need to be compliant regardless of what the law states.
5. Notifying Your Customers of a Breach
According to the law in over 40 states in the U.S., businesses that are the victims of data breach must also inform the affected customers. Along with the law, it’s ethically correct to notify them. Otherwise, your company’s status, in the eyes of your customers, could become tainted.
6. Getting Hacked Means More Trouble Over Time
If you were hacked, you’ll have to pay a fine and fill out more paperwork to obtain a higher level of security. In other words, you’ll lose a lot of time and money that your business needs to keep its operations going. To prevent this from happening, take time every 90 days to make sure that your security is up-to-date.
Is your business thinking about becoming PCI Compliant? If it already is, are there any other facts that we missed? Let us know in the comment section below!