12/23/2022

Posted By: Tripti Rijhwani

Sales & Marketing

Introduction

The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to protect companies that process, store or transmit credit card information. PCI compliance helps to protect companies from data breaches, fraud, and other security threats.

E-commerce merchants are the primary users of PCI compliance, but any company that processes credit card data needs to be PCI compliant. By implementing the PCI DSS, companies can improve their security posture and reduce the risk of a data breach. PCI compliance is a requirement for all companies that accept credit cards and is enforced by major credit card companies. Failure to comply with the PCI DSS can result in fines, increased transaction fees, and the loss of the ability to accept credit cards.

PCI compliance is substantial because it protects your company's reputational risk and improves your company's vision and value. Plus, it can prevent and detect violations of rules.

Benefits

PCI compliance allows merchants to transact with customer credit cards securely. It gives consumers the peace that merchants protect them adequately from data and security breaches.

Some benefits of PCI compliance include:

1. It decreases the risk of security breaches as businesses are no longer just physical places but virtual ones that can be accessed and breached anywhere at any time from multiple devices.
2. Consumers can transact with confidence. They may not understand every detail about what it means to be compliant, but with many public breaches in the news, awareness about the issue is growing.
3. Merchants can have peace of mind that they have some level of protection from the growing threat of data breaches.

Challenges

If you are starting an eCommerce business or are already running one, you need to be aware of PCI DSS. There are three challenges to consider:

1. Data breaches can be very costly. There's the cost of replacing credit cards, paying fines, and compensating for what the customers have lost, not to mention investigation costs and audits on the business side. The costs for a minor data breach can range from $60,000 to over $250,000.
2. PCI compliance is very technical, so when selecting a PCI DSS security consulting firm to validate your company's compliance, opt for one that has security system integration services.
3. All requirements in the standards are mandatory, meaning it is necessary to maintain compliance during the 12 months of the certification, otherwise is the risk of fines and even disqualification for the receipt of payment cards in the case of an audit.

The best way to overcome these challenges is to work with a certified PCI partner, like DreamingCode, who understands the nuances of compliance and can help you maintain compliance throughout the year.

How to make it work?

PCI compliance is a requirement to run an eCommerce business today. The benefits are substantial, but the challenges can make it seem daunting.

PCI compliance is not a one-time event but a continuous commitment to assessment and remediation. If you have questions about PCI compliance and how it could impact your business, don't hesitate to contact us to set up a consultation today.

To learn more about how we can help your business, schedule an appointment with one of our solution experts today.

To learn more about the Dreaming code eCommerce platform visit: http://dreamingcode.com.