With the rise of smartphone usage, many organizations and retailers have increasingly jumped on to the e-commerce world.
According to a recent survey by Periscope by McKinsey, the findings revealed that at least 70 percent of the respondents are undertaking some form of online shopping activity.
With the increased usage of Debit and Credit cards for online purchases, the potential risk of data breaches puts both the merchant and the customer at risk.
What is PCI DSS?
The Payment Card Industry Data Security Standard (PCI DSS) is a widely accepted set of policies and procedures intends to optimize the security of the online transactions.
It improves the credit, debit, and cash card transactions and protects cardholders against misuse of their personal information.
Why it is important?
To make online transactions secure and protect the customers against identity theft, the credit card companies are required to be PCI compliant.
Any merchant that wants to process, store or transmit credit card data is required to be PCI compliant, according to the PCI Compliance Security Standard Council.
By being PCI DSS compliant, you will protect your brand, customers and your cash flow.
Benefits of PCI DSS compliance
- Managing risk around identity theft and credit card fraud
- Boosting customer’s confidence in your security
- Increasing protection of customer’s data
- Avoiding penalties/fines imposed by banks or card companies
- Staying competitive in the marketplace
- Reducing the risk of negative cash flow impacts