Financial motivation accounted for the vast majority of the breaches. During the first six months of 2020, there were 36 billion records exposed through data breaches. It is an ongoing process that aids in preventing future security breaches. PCI compliance also contributes to the safety of the worldwide payment card data security solution. Not only do data breaches have a negative impact on the reputation of the business, but they can also result in lawsuits, insurance claims, canceled accounts, payment card issuer fines and government fines. It only takes one high-profile security breach to cost your customers’ loyalty, sink your reputation as a brand and erode the public’s trust in your ability to keep sensitive credit card information safe. PCI compliance means that your systems are secure, reducing the chances of data breaches. More importantly, those without it are vulnerable to data breaches that can result in theft or fraud. To begin with, PCI compliance is an industry mandate and those without it can be fined for violating agreements and negligence. The benefits of safeguarding cardholder data, however, far outweigh the cost of implementing and maintaining the compliance requirements. At first glance, the seemingly endless list of rules and regulations is overwhelming.
Getting an organization, especially a small business, up to PCI compliance can be an intimidating task.
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