Who Needs Pci Compliance?

By Author: Vikram Kuamr
Total Articles: 2912
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If you think your business doesn’t not need to meet the new PCI compliance standards or that the PCI compliance requirements are just a waste of time and money, think again. PCI compliance provides an established set of security requirements to help ensure payments are processed in a safe and secure manner. PCI stands for payment card industry and the compliance requirements set forth by this industry are known as the PCI compliance requirements. The requirements apply to anyone accepting credit or debit cards as a payment method.

Failure to achieve and maintain PCI compliance can be devastating. Today consumers are wary when it comes to identity theft. Many consumers have already been a victim of identity theft or know someone who has. Because cyber crime is such a prevalent crime today businesses compete and strive to gain a reputation as a safe, secure, and trustworthy place of business.

So how can non-compliance result in devastation and disaster? The non-compliance fines, fees, and penalties can add up to $500,000 per occurrence. The fines, fees, and penalties alone are more than enough to sink nearly ...
... any thriving business. Consider the fact when a security breach occurs, theft is not limited to credit card information. The time and expense to secure and repair the compromised breach and re-establish daily operation can be extremely costly. When a security beach occurs, news of the company involved travels fast and quickly gains widespread attention. The company involved in the breach not only looses a mass of their longstanding repeat customers but looses the ability to attract new customers as well. In today’s wavering economy and highly competitive marketplace any single event stemming from the aftermath of a security breach is more than enough to collapse nearly any business.

The effects of a security breach can be long lasting. Consumers will not quickly forget being a victim of identity theft or the name of the business involved. Consumers who only heard news of the security breach will simply choose to shop elsewhere, avoiding the possibility of becoming the next victim.

Toady cyber crime is prevalent, the incurred total adds up to cost business owners and consumers billions of dollars each year. PCI compliance provides effective security measures which serve to protect both the consumer and the business.

PCI compliance help, support, resources, and solutions can be found at PCI Free.

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PCI Compliance is required for all businesses which accept credit cards as payment method. To receive free help with the PCI Compliance process, go to PCI Free.