How many times in a day do you use your credit card?
Whether it’s for a tank of gas or a spontaneous vacation, credit cards are an integral part of everyday life. With a vast number of companies accepting credit card payments, it is becoming virtually impossible to find anyone that still carries cash.
Many card holders undervalue the amount of security it takes to successfully manage their PII (Personally Identifiable Information). Current standards were created to increase controls around cardholder data and reduce credit card fraud. Validation of compliance is performed annually either by an external Qualified Security Assessor (QSA), or by a Self-Assessment Questionnaire (SAQ) for companies handling smaller volumes.
Certain standards are set to ensure your PII is protected at all times. The Payment Card Industry Data Security Standard (PCI DSS) is a proprietary information security standard for organizations that handle branded credit cards from the major card schemes including Visa, MasterCard, American Express, Discover, and JCB.
PCI DSS doesn’t just affect card holders. Vendors and organizations must preserve customer trust and ensure compliance to benefit merchants all over the world. Potential liabilities for vendors that don’t comply with PCI DSS standards are,
- Diminished sales
- Fines and penalties
- Cost of reissuing new payment cards
- Legal costs, settlements and judgments
- Termination of ability to accept payment cards
- Lost jobs (CISO, CIO, CEO)
- Going out of business
“The security benefits associated with maintaining PCI compliance are vital to the long-term success of all merchants who process card payments. This includes continual identification of threats and vulnerabilities that could potentially impact the organization. Most organizations never fully recover from data breaches because the loss is greater than the data itself.”
— Quick Service Restaurant (QSR) Magazine