Reasons PCI DSS Compliance is good for your Business

Have you ever considered how your business would benefit from PCI DSS Compliance? It is what could help your business succeed this season.

If you use the payment cards such as Visa, MasterCard, and American Express and so on with your customers or clients in your transactions, then you need to ensure that your business is PCI DSS Compliant. You definitely want to protect your private data, protect your customers, and also decrease the chances of your business being impacted negatively by a cyber-attack. This is where PCI comes in. To achieve all these, you should consider making your business to be fully PCI DSS Compliant.

Maybe your business is compliant with the standards of PCI because you have never thought of how beneficial PCI DSS Compliance can be to your business. In this post, we highlight the main benefits of PCI Compliance, especially to your business.

1. Prevents data breaches

Some of the major considerations when building an information technology infrastructure, especially if you store or process sensitive customer data are data compliance and management. Since merchants are all required to use encryption and stronger firewalls, and they are also not allowed to retain the details of the cardholder, every business that is PCI compliant is generally less valuable target for malicious hackers and cyber criminals. Being PCI compliant gives cyber criminals a very hard time whenever they try to hack your networks. Besides, it also ensures that the sensitive data is either not available or highly protected. This means that cyber criminals will not even find the data that they are actually looking for.

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2. Builds trusts with your customers

If you want your business to grow and become successful, you have to find ways to make your customers trust you and your services or products. Trust is actually foundational to successful brick and mortar businesses and e-commerce. The customers who buy from you trust that you will process and transmit their payment details in a secure manner, and you will also send them the actual items they have purchased. Meeting the international standards for safe and secure payments is a great way of protecting and building your reputation. As you know, good reputation is one of the most valuable assets of your business.

3. Helps you to meet the global standards

Business that have met global standards are known to be the most reputable ones and customers are always looking for those kinds of businesses as they are guaranteed of the security of their important information. The 5 world’s leading credit organizations initiated the PCI DSS regulations in order to provide a compulsory level of protection for the consumers by making sure that merchant services providers meet the minimum levels of security, especially when they process, transmit, and store cardholder data. By achieving PCI compliance, you will be able to take your place among the other top businesses and international retailers who are committed to protecting consumers through ensuring data security.

4. Provide a starting position for other regulations

You may need to meet levels 1, 2, 3 or 4. However, achieving PCI compliance means that you have already taken very important steps to ensuring that consumer data is protected. Some of the basic principles of PCI DSS, such as taking steps to limit the overall amount of sensitive data that you are storing, merge very well with ISO, GDPR, and other many internationally-mandated data security regulations.

5. Puts security first

Security of consumer data and business sensitive data should actually come first. PCI DSS compliance requires that you have several layers of security through the firewalls that have been configured properly. You also need an extra overall IT security strategy which evolves as per the current threats and monitors your entire network for lapsed updates or unmatched holes. You can meet the PCI DSS requirements through various IT security services such as vulnerability audit, advanced WatchGuard firewall, or endpoint security.

You can feel overwhelmed easily when you start to navigate the PCI compliance as a SME. However, a managed services provider can be a great partner to offer help such as ebt merchant services.

PCI DSS guidelines

PCI DSS guidelines include several guidelines for payment processors and merchants. There are 12 requirements which have been grouped into 6 areas. These areas include: