Ready or not, Black Friday and the holiday shopping season are upon us. If you're anything like us, your contactless bank card and credit cards are getting quite the workout lately, being tapped and swiped at what feels like every store in town.
As a retailer in the holiday season, every move you make will have an important impact on your business, from your marketing strategy to your production or inventory, and you've probably put a lot of hard work into those plans.
But, have you considered how PCI DSS compliance could help you succeed this season?
In a recent study, overall PCI DSS compliance has increased among global businesses, up to 55.4%, but that means that nearly 1/2 of retailers, restaurants, hotels and other businesses are failing to maintain compliance!
And according to the 2018 Verizon Payment Security Report, nearly one in five (18%) organisations do not have a defined compliance program with a defined scope and objectives.
1. Builds trust with your customers
Trust is foundational to successful e-commerce. Your customers trust that you will send the actual items they've purchased, and that you will securely transmit and process their payment details! Meeting the international standards for secure payments is another way of building and protecting your reputation, one of your businesses' most valuable assets.
2. Prevents data breaches
Data compliance and management are key considerations when building an IT infrastructure, especially if you process or store sensitive customer data. Because merchants are required to use stronger firewalls and encryption, and they aren't allowed to retain cardholder details, each PCI-compliant business is a less valuable target for cyber criminals. Not only will they have a much harder time hacking your network, they won't find the data they are looking for!
3. Helps you to meet global standards
The PCI DSS regulations were initiated by 5 of the world's leading credit organisations in order to provide a mandatory level of protection for consumers by ensuring that merchants meet minimum levels of security when they store, process, and transmit cardholder data. Achieving PCI compliance allows you to take your place among other international retailers and businesses who are committed to data security and protecting consumers.
4. Puts security first
PCI DSS compliance requires you to have multiple layers of security through firewalls that are properly configured. You also need an overall IT security strategy that evolves based on current threats and monitors your network for unpatched holes or lapsed updates. These PCI requirements can be met through IT security services like endpoint security, advanced WatchGuard firewalls or a vulnerability audit.
5. Provides a baseline for other regulations
Whether you need to meet level 1, 2, 3 or 4, achieving PCI DSS compliance means you've taken important steps to protecting customer data. Some of the basic premises of PCI DSS, like taking action to limit the amount of sensitive data you store, dovetail well with GDPR, ISO and other internationally-mandated data security regulations.
At SysGroup, we currently offer Level 1 PCI DSS compliant hosting to a range of businesses including multinational corporations, online payment processors and e-commerce retailers. They turned to us because we know what is necessary for compliance, including secure, state-of-the-art data centres, high-speed connections, end-to-end encryption and strong network monitoring.