White Paper | June 21, 2013

PCI Compliance Is More Than A Matter Of Dollars (And Sense)

Source: Intronis, Inc.

Are Your Clients Properly Protected Against Lost or Stolen Data?

Every electronic transaction creates an opportunity for unscrupulous activities to occur. When these activities are corrupted, the damage can be significant; ranging from a simple one-time illegal purchase by a clerk or waitress using a customer’s credit information, to a full-blown identity theft using thousands (even millions) of people’s stolen personal data. Neither situation is desirable or tolerable in the business community, especially when both can be prevented or curtailed with the implementation of industry-proven security best practices and the proper systems.

That’s why businesses that deal with credit transactions must remain particularly diligent, addressing each of the specific “danger areas” associated with processing. Without the proper security processes and technologies in place, their client data could be compromised or stolen, and the repercussions of a breach go much further than lost customer confidence. Lawsuits and financial restitution can be significant, especially if the activity is the result of the retailer not following well publicized best practices.

In order to provide greater guidance to businesses that accept credit cards and ensure that their clients are properly protected, the major payment card organizations established a set of standards that have been implemented over the past few years. American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. came together to create the Payment Card Industry Data Security Standard (PCI DSS). These rules provide an actionable framework for securing payment card data, including deterrence, discovery and the appropriate response to breaches and other security-related events.

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