Why do you need to have PCI compliance?
Because it is mandated by credit card companies like Visa Inc., MasterCard, Discover Financial Services, American Express and more. The fundamental purpose is to protect card data from hackers and ensure card security.
Regardless of whether you are a sole proprietor or a Fortune 50 company, as long as you run purchasing cards like credit or debit cards, you are obligated to comply with the PCI-DSS (Payment Card Industry – Data Security Standards), which is a set of security standards designed to ensure a secure card transaction environment.
There are five key benefits of PCI-DSS compliance:
- Prevents data security breaches and client information loss
- Improves customer trust and relationships with a good brand reputation
- Brings in more happy customers and stronger loyalty
- Avoids costly penalties and other liabilities of non-compliance
- Sustains your business with global operation and security standards