- Compliance with the PCI DSS means that your systems are secure, and customers can trust you with their sensitive payment card information:
- Trust means your customers have confidence in doing business with you
- Confident customers are more likely to be repeat customers, and to recommend you to others
- Compliance improves your reputation with acquirers and payment brands -- the partners you need in order to accept electronic payments
- Compliance has indirect benefits as well:
- Through your efforts to comply with PCI Data Security Standards, you’ll be better prepared to comply with other mandatory regulations as they come along, such as HIPAA (protection of health records/data), SOX (determines which records are to be stored and for how long), etc.
- You’ll have a foundation for a corporate security strategy
- You will likely identify ways to improve the efficiency of your IT infrastructure
- But if you are not compliant, it could be disastrous:
- A breach requires you to replace the compromised cards of your customers – at your expense
- Compromised credit card numbers often result in fraudulent changes to your customers accounts
- Compromised data negatively affects consumers, merchants, and financial institutions
- Just one incident can severely damage your reputation and your ability to conduct business effectively, far into the future
- Account data breaches can lead to catastrophic loss of sales, relationships and standing in your community, and can even depress the share price of a publicly traded company
- Negative consequences also include:
- Insurance claims
- Cancelled accounts/lost customers
- Payment card issuer fines
- Government fines
April 2011 – Sony – “Sony PlayStation suffers massive data breach” Read More
The PCI Toolkit® is an interactive, online system that intuitively guides you through the complete PCI DSS audit process compliance quickly and accurately. The program performs a Self-Assessment Questionnaire (SAQ) that all businesses are required to complete annually, to identify the needs specific to your business. This is one of the easiest, most user-friendly programs available on the market today. Click here to learn more.
Data Breach Coverage
The Data Breach Coverage program protects each merchant account for up to $100,000 of the costs associated with suspected or actual data breach. In 2009, 143 million personal records were compromised by data beach—and that number is expected to grow in the future. Our program covers audit and card replacement costs as well as state, federal and card brand fines.Click here to learn more.
Breach Reporting Toolkit™
Federal, State Regulatory agencies require reporting of a breach or suspected data breach of Personally Identifiable Information (PII) within 72 hours. Our comprehensive Breach Reporting™ answers the critical business need for swift and thorough response to data loss, better known as identity theft. Identity theft is the number one concern among consumers in the United States. For businesses, such a threat may lead to business reputation loss, civil fine or criminal prosecution.Click here to learn more.