Companies Storing Credit Cards PCI Compliant
Companies need to put security on their strategic agendas in conjunction with revenue growth. According to Verizon’s 2015 PCI Compliance Report, nearly 80 percent of all businesses fail their interim PCI compliance assessment, which leaves the businesses vulnerable to cyberattacks. Until executives start listening to their security experts there will continue to be big breaches. Executives need to rank security at the same level as their profit margins. If your company’s data is breached, your customers could be vulnerable and your company could be held liable. The higher ups need budgets to implement PCI compliance.
For those companies that store customer credit cards, it is recommended to be PCI compliant. The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure companies accepting, processing, storing and transmitting credit card information maintain security. Companies that accept card payment,store, process and transmit cardholder data need to host with a PCI compliant hosting provider.
Businesses that do not comply with PCI standards are at risk for data breaches, fines, card replacement costs. In addition, costly audits, investigations into your business as well as brand damage. Because of the data breach, banks can terminate their relationship with the merchant or increase per-transaction processing fees. In addition, banks may require the merchant to pay for the replacement of the compromised credit cards. Therefore, do not jeopardize the private information of millions of customers by not being PCI compliant.
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