06 April 2023
In today's digital age, businesses must accept and process payments electronically to stay competitive. However, accepting digital payments comes with security risks, especially when it comes to handling sensitive customer data. That's why adhering to the Payment Card Industry Data Security Standard (PCI DSS) is crucial for businesses that accept card payments.
PCI DSS is a set of security standards developed by major payment card companies to ensure that all businesses that process, store, or transmit payment card information maintain a secure environment. Compliance with these standards helps protect businesses and their customers from data breaches and payment card fraud.
The importance of being PCI compliant cannot be overstated. Here are some of the benefits of adhering to these standards:
- Protects Customers' Data: PCI DSS compliance ensures that sensitive customer data, such as card numbers, is securely stored and transmitted. In doing so, businesses can prevent data breaches and safeguard their customers' information from hackers and fraudsters.
- Avoids Penalties: Failing to comply with PCI DSS can result in hefty fines, legal fees, and lost business opportunities. Non-compliant businesses may also be liable for any damages resulting from a data breach or fraud.
- Reduces Costs: PCI compliance can help reduce costs associated with data breaches, such as forensic investigations, fines, and credit monitoring for affected customers.
It's essential to note that achieving PCI compliance is not a one-time task. It's an ongoing process that requires regular assessments, updates, and training. Businesses should work with a Qualified Security Assessor (QSA) to assess their compliance and implement necessary changes to maintain a secure environment.
PCI DSS compliance is essential for any business that accepts credit card payments. By protecting customer data, building trust, avoiding penalties, reducing costs, and improving reputation, businesses can establish themselves as trustworthy and secure entities in the eyes of their customers.
We appreciate that the subject of PCI compliance is complex, however you can seek advice and support from your card payments provider. If you’re a Bira member using Global Payments and are unsure if you are compliant or not, please contact the membership team on 0121 446 6688.
Read our 8 step guide to PCI compliance here
For further information on our card processing membership benefit, please click here.
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