Computing Technology Solutions (CTS) provides cybersecurity services to help you with your PCI compliance. Our qualified experts can assist your staff to avoid non-compliance risks. We can also protect your website from potential online threats and also offer data backup, email encryption and other high-level security solutions.
6 Consequences Of Not Being PCI Compliant
Payment Card Industry (PCI) compliance is a must from credit card companies. It ensures security and protection of data in credit card transactions. PCI compliance is a necessity for businesses that store, send, and process cardholder data.
In a 2013 report by the Identity Theft Resource Center, more than 47 million PCI breaches have occurred in the business sector. As a result, the PCI Standards Council set these best practices for PCI compliance in order to best protect businesses and consumers who are conducting purchases online:
- Build and Maintain Secure Networks and Systems
- Protect Cardholder Data
- Maintain a Vulnerability Management Program
- Implement Strong Access Control Measures
- Regularly Monitor and Test Networks
- Maintain an Information Security Policy
What happens if you’re not PCI compliant?
We’ve all been in receipt of the email that a company has had to send in response to a breach of data security. These emails leave consumers feeling vulnerable in their online transactions and they can have quite a negative impact on a business.
Prior to those apology emails that occur after a breach of security, there are six adverse effects that can impact your business if you’re not PCI compliant:
- Non-compliance fines
Fines for non-compliance are not cheap – your business can be fined hundreds of thousands of dollars for non-compliance. This could end your transactions with your acquirer. When this happens, your business won’t be able to accept credit card payments online.
- Exposing your customer’s data to fraud
Weak security systems are prime targets for online hackers and swindlers. They can easily steal payment data and personal information. Credit card numbers, security codes, names, birth dates, and other confidential details are prime targets for those who are seeking to do harm online. Fraudsters can manipulate this information to commit identity theft and other fraudulent acts.
- Common Point of Purchase (CPP) notice
If there is a suspected breach in your security system, a CPP notification is issued. This means you have 10 days to resolve the security issues. If not, you could face penalties that will further damage your business. A PCI Forensic Investigator will review and close any breaches to establish compliance.
- Costly investigation fees
A forensic investigation will cost you thousands of dollars. If there is proof of your non-compliance, you are liable to pay for the investigation fees.
- Card Scheme fines
You could end up paying fines from Card Schemes due to data compromise. This can also cost you up to hundreds of thousands of dollars. In some cases, these fines pass from the Card Scheme to the acquirer and the merchant. Non-compliant merchants have closed their businesses because they could not settle the fines.
- Damage to reputation
Your non-compliance can make your customers lose their confidence in your business. Your customers will refuse to transact with you if you’ve had data breaches.
Take note: PCI compliance is universal for any site that includes transactions with credit or debit cards online – the compliance is the same for large international companies and small businesses. If your business involves healthcare information security, then you also need to be familiar with The 5 Biggest Risks of HIPPA Non-compliance.
In order to be PCI compliant, you must go through the proper training and fulfill the requirements. You’ll also undergo a thorough review of your data security systems. And you have to take appropriate security measures to protect your transactions. A reliable IT consulting firm can provide these services for you.
Computing Technology Solutions provides cybersecurity services to help with your PCI compliance. Our qualified experts can assist your staff to avoid non-compliance risks. We can also protect your website from potential online threats and also offer data backup, email encryption, and other high-level security solutions. Get in touch with CTS consultants who are ready to assist you with your PCI compliance concerns.
Being PCI compliant can make a huge difference to your business. The more secure you are, the more trust you’ll gain from your current and potential customers. It’s a worthy investment to protect your business for better growth.