01Apr, 2016

PCI DSS/ Security Compliance

Why credit card security compliance matters

If you’re a keen follower of the news you would be aware of the recent so-called Panama Papers which were initially thought to have been leaked, but were in fact later revealed as the work of hackers. Yet again cybercrime has been at work, with serious consequences, similarly not having credit card PCI DSS security compliance in place can have a huge impact on the ongoing success of your business.

This “leak”, apparently the biggest in history, has resulted in headlines around the world about secret offshore accounts. As a result, some countries’ leaders have been toppled, such as Iceland’s, and others embarrassed such as the UK’s Prime Minister, David Cameron.

Sure, it may be a long bow to compare the two scenarios, however it is simply making the point that hackers are becoming increasingly sophisticated in their targets, yet so many businesses still leave themselves vulnerable to cyber-attacks.

In Australia, any organisation or service provider that processes or stores credit card data needs to be compliant with the Payment Card Information Data Security Standard (PCI DSS) standards, the key benefit being the reduced risk of a data breach and reduced financial consequences when breaches occur. Despite this, many enterprises still haven’t achieved PCI DSS compliance.

This is because companies can be under the illusion that they already have enough security in place, or that it doesn’t really affect them. This mindset needs to change.

The PCI DSS compliance standards have been a part of the IT landscape for a decade now, and we can no longer assume data breaches only occur elsewhere. Australia is one of the prime targets of cybercrime – our latest eBook has statistics on this. Local industries which have been affected by security breaches include: banking and finance, resources and energy, and telecommunications.

It is apparent from our work and from global industry research that the PCI DSS standards place a significant burden on merchants. Many companies underestimate the scope, complexities and costs associated with achieving and maintaining compliance.

Compliance involves many steps: so you need a team who know what’s involved and who can make the current and ongoing operation of data security a smooth-running process.

Let’s say your business is impacted by a security breach, it can have long-term consequences, which may not immediately be apparent. High financial costs, having to adopt more stringent compliance regulations in future, the threat of lawsuits, and the impact on your brand, particularly in relation to consumer confidence and sales, can be extremely serious.

Obviously, it’s within your means to ensure this doesn’t occur.

To find out how PCI DSS Compliance affects your business book in for a Free Credit Card Scanning Demo here.

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