Major Benefits Of PCI DSS Compliance
For this reason, in 2004, the Payment Card Industry Security Standards Council (PCI SSC) established a consortium of the five biggest payment card providers, including American Express, JCB, Mastercard, Visa, and Discover. This consortium made a foresighted move by pooling resources to develop the first version of the Payment Card Industry Data Security Standard (PCI DSS). The PCI DSS is a collection of twelve security rules businesses must follow while handling card transactions, ranging from how their networks are structured to how sensitive cardholder data is stored.
Not certain if your organization satisfies PCI DSS requirements? Safeguard your client’s payment information by checking out with a global PCI consultancy provider who will assess your company’s compliance as well as provide you with quality guidance and consulting services. Read on to discover some of the advantages of being a PCI DSS compliant company.
1. Lowers The Chances Of A Data Breach
One of the clear-cut advantages of complying with PCI DSS is that they lower the chance of a cyber-attack. By mandating merchants to use encryption and firewalls and withholding cardholder details, the company is less vulnerable to cyber-attacks. Besides, it reduces the amount of sensitive information the hackers may acquire if they bypass the security measures. Visit https://www.nettitude.com/sg/pci-dss/pci-qsa-services/ to partner with a Global PCI QSA consultant service. In the long run, you will be saving your organization money that would otherwise be lost to cybercriminals, used to pay fines or reduced customer volumes.
2. Safeguard Customers
Consumers’ fears about data privacy have never been greater and with good cause. Almost everybody was impacted by a data breach at some time, with big companies such as SingHealth, the Ministry of Education, and Health. It is not just the moral thing to do, but it is also a good financial decision to safeguard your client’s information. Clients will appreciate you with their loyalty and could even serve as some of your biggest proponents by referring their family and friends if they believe their information is secure with you.
3. Enhances The Brand Image
With technology rapidly tearing down old barriers to entry and creating a space for fair competition, a brand’s reputation is one of the most valuable assets a company may have today. Thus, it is critical to avoid a data breach to maintain your brand’s reputation clean and uphold your clients’ trust. Although it may be difficult, if not impracticable, to measure, investing in security is the same as investing in your brand. As more data breaches in huge organizations arise, clients will spend their money and conduct business with a trusted brand, which will ideally be yours.
4. Provides A Baseline For Future Regulations
PCI compliance can serve as a springboard for other compliance concerns. PCI demands vulnerability scans and penetration testing to detect and resolve technical weaknesses. Thus, a huge portion of the security measures required to meet the SOC and ISO 27001 requirements, among other standards, are already set.
Besides, once you are PCI compliant, the expenses of complying with additional standards are dramatically lowered because you will have previously tested the majority of your security processes. Using a trusted Qualified Security Assessor to assess your PCI compliance can be a powerful tool for attracting business partners and prospective investors alike.
With the benefits listed above, it is evident that adhering to the PCI DSS not only protects your customers’ information but also assists your business to thrive. If you find the right partner, you may quit fretting about security and begin focusing on the important areas of your enterprise.