Is it possible that you are still not convinced of the necessity and protection afforded by becoming PCI compliant and maintaining PCI compliance by following the goals set forth in the Payment Card Industry Data Security Standard or PCI DSS? If you still have doubts, you are in the clear minority and it’s time to get with the times. Becoming PCI compliant is your best hope of avoiding a potential data breach. Data breaches are costly. Even the loss of a small amount of data can cost a merchant thousands of dollars in fines, assessments, audits and remediation fees. That’s before you take into account the damage done to your company’s public persona and reputation. In other words: a data breach could put an end to your business.
Going back as far as 2008, pre PCI DSS mandate, dbusinessnews article reported that over 285 million records were hacked as a result of just 90 confirmed security breaches. This figure surpassed the combined breaches from 2003-2007. In 2009 that number grew and included 2 major breaches of 2 major payment card processors. Both Heartland bank and RBS payment systems had their databases hacked into resulting in the largest single breach incident in electronic payments history, dwarfing anything prior. When it comes to small businesses Visa Incorporated has stated that while big processors like Hearland and RBS make the news, the majority of breaches by far affects small businesses. One data security and credit processing company CEO stated, “Often we find there’s a ‘hear no evil, see no evil’ mentality.” “This happens because small business owners don’t see their peers in the news which leads to a lack of data security preparation under the assumption ‘I’m too small to matter’ – unfortunately this makes these businesses easy targets for data thieves.”
That is why it is so important for your business to be PCI compliant. Go to our homepage to find out how you can be PCI compliant for free.