PCI certification ensures the security of card data at your business through a set of requirements established by the PCI SSC. These include a number of commonly known best practices, such as:
- Installation of firewalls
- Encryption of data transmissions
- Use of anti-virus software
In addition, businesses must restrict access to cardholder data and monitor access to network resources.
PCI-compliant security provides a valuable asset that informs customers that your business is safe to transact with. Conversely, the cost of noncompliance, both in monetary and reputational terms, should be enough to convince any business owner to take data security seriously.
A data breach that reveals sensitive customer information is likely to have severe repercussions on an enterprise. A breach may result in fines from payment card issuers, lawsuits, diminished sales and a severely damaged reputation.
After experiencing a breach, a business may have to cease accepting credit card transactions or be forced to pay higher subsequent charges than the initial cost of security compliance. The investment in PCI security procedures goes a long way toward ensuring that other aspects of your commerce are safe from malicious online actors.