The Payment Card Industry Data Security Standard (PCI DSS) is a set of 12 requirements that any merchant who processes, stores, or transmits sensitive data must conform to. It was designed to enhance the level of security in information, as such, the customer’s confidence in making those kinds of monetary transactions.
Information security is one of the critical components of business environment. Custumers are becoming more aware of the value of their personal information, and they are becoming more protective of it. A merchant must be able to prove that the customer’s data is secure and properly positioned in order to protect it.
A simple graphic, claiming that someone has certified them as secure, is enough for some consumers. For others, it is not enough to convince them that there is a ample level of security in information. So how merchants are supposed to convince these types of consumers that their data is safe?
To cater to this problem, the Payment Card Industry instituted the PCI DSS standards by which all merchants can be measured. Therefore, PCI compliance is one of the critical components of any business environment. However, it is not a particularly easy thing to accomplish. Not surprising, given the nature of the information it is supposed to protect. Cyber security companiesalso recommend the importance of PCI compliance.
There are some obvious drawbacks of not reaching compliance of PCI (the likely security breaches), and the stiff penalties if you do get breached (including the loss of the ability to accept payment cards at all). More than immediate financial losses, though, is the loss of your reputation. Once your information security loopholes becomes known to the public, your long-term success will be in questions. Many companies can fight from financial problems, but bad reputation can follow them for many years to come.
Some of the PCI compliance requirements are common sense things, while others are more specific and often overlooked by some merchants. They range from maintaining and installing firewalls and virus protection to maintaining a perfect policy that addressees security of information throughout the company.
PCI compliance was designed to help merchants avoid this kind of information security entropy. Part of PCI compliance includes regular testing, assessments, and validation. Assessments can be performed by specially qualified assessors, or, if your company is small enough, you may be able to do the simpler Self-Assessment Questionnaire (PCI SAQ). If these are done properly, a company can continue to deliver a secure environment in which a consumer can confidently conduct transactions.
PCI compliance, when fully achieved and properly maintained, is crucial in developing strong information security. Information security is, in turn, crucial in developing customer relationships that will ensure long term success. There are various information security companies in Dubai, which always strive to provide best-in-domain services to the customers.