The PCI seal of approval indicates that a company is PCI compliant and its customer payment card data is adequately protected. However, the benefits of maintaining PCI compliance are far-reaching for both the customer and the organization:
“The security benefits associated with maintaining PCI compliance are vital to long-term success of all merchants who process card payments.” -Quick Service Restaurant (QSR)Magazine
In 2015 approximately 80% of companies failed their interim PCI Compliance Assessment. One expert cited inadequate operations and maintenance of the security systems as the cause and suggested that the lack of enforcement within businesses cause 99% of compliance breaches. Violation of PCI compliance standards can result in brand damage and more; even though it is not an actual law.
The PCI Security Standards Council lists 10 potential liabilities answering the question why is PCI compliance important? These liabilities include Non-Compliance Fines ranging from $5,000-$500,000 that increases the longer the company is not compliant. There can also be Breach Consequences resulting from card holder data breach. Consequences include: additional fines ($50-$90 per card holder), suspension of card processing capabilities, brand damage, law suits;loss of both public trust and customer loyalty. Companies are able to calculate their potential liability by utilizing the online Penalties Calculator.
By adhering to PCI security standards, companies can avoid the costs associated with non-compliance, which can eventually result in the business closing down. Instead by maintaining PCI compliance, they can enjoy long-lasting success driven by customer trust and loyalty.
WHOA.com is a secure cloud computing solutions provider. Please contact us for a multi-layered approach to PCI compliance security.