Merchants and other businesses who want to accept credit cards as part of everyday routine can often find themselves at sea in a vast ocean of information when it comes to PCI compliance. Do try to bear in mind that although it can be very frustrating, Payment Card Industry Data Security Standard (more often just called PCI DSS) has a very worthy goal in mind – to ensure that all credit card transactions are carried out securely so that the sensitive data belonging to consumers is well protected.
Contrary to popular belief, it is not solely up to your payment services provider (PSP) to worry about your PCI compliance. Simply sitting around and trusting innocently to the technology moving your data does not give you a get out of jail free card if a security breach occurs. Still not worried? How about these consequences, all typical punishments for even the smallest breach:
- Costly fines – you’ll receive these from the affected payment card brand and often their acquiring bank as well
- Direct costs – on average it costs £194 per stolen record to undertake data recovery, and remember most breaches involve the loss of tens of thousands of records
- Reputation damage – once consumers lose trust in your business it is usually game over, and the entire company can sink due to the damage to brand confidence
Don’t panic! There are plenty of simple and highly cost effective steps you can take which will keep your data secure from thieves and hackers. Get in touch with a PCI compliant solutions provider like the Bunker (www.thebunker.net) and they can talk you through everything that is needed to safeguard your customers – and your business – when handling transactions online.