If you are lucky enough to have never experienced a security breach, then PCI compliance might seem like nothing more than a nuisance. As far too many companies have found out the hard way, however, this is simply not the case. Let’s take a look at a few of the most important reasons to take these security standards seriously.
PCI Compliance Can Protect Your Bank Account.
Perhaps the most famous credit card data breach in recent history is the Target security fiasco of 2013 — a disaster that affected upwards of 100 million people. Between fines, lawsuits, and customer reimbursement, Target ended up losing over 300 million dollars to a data breach that could have been avoided relatively easily. And though the multi-billion dollar chain was able to weather these costs, most small businesses would not be prepared to do the same.
Protect Your Reputation.
One more aspect of the Target security breach that all business owners should know: the aforementioned costs associated directly with the breach were dwarfed by the massive fall in company profits that occurred afterward. People no longer trusted the brand, and Target saw their sales drop by nearly 50% in the months after the incident. And this damage to the company reputation continues affecting the business to this day.
Avoid Government fines.
Some companies ignore PCI DSS compliance and are lucky enough to never experience a security breach. But that doesn’t mean that they are off the hook. Both federal and state governments take consumer security seriously — and if you don’t do the same, the likely you are to be stuck with hefty fees.
PCI Compliance Allows You to Take Advantage of Pre-Established Safety Standards.
Though these regulations can seem frustrating, they are actually quite useful. Researching, drafting, revising, and implementing your own security standards would be time-consuming and costly, after all. PCI standards offer a straightforward and universal security strategy that all businesses can implement.
Secure Credit Card Processing starts with your payment processing partner. Contact us today to learn more about how we protect our clients.