What is PCI Compliance? Why is it important?

PCI  (Payment card industry) compliance requires following mandatory guidelines governing how credit and debit card information is captured, processed and store. These rules exist to reduce fraud.

Whether you're a business or a non profit, becoming PCI Compliant is essential if your organization handle credit cards.Below,we outline why compliance matters, its benefits and how you can protect yourself.

Meanwhile you can also read:-  PCI DSS Scoping & Segmentation

You Must Become PCI Compliant IF

Your Organization accepts, transmits or stores card payments data, including

Account number

Cardholder names

Expiration dates

Card verification values(CVVs)

Businesses of any size must safeguard any credit card information that enters that organization.

Why PCI Compliance is required

PCI Compliance makes it harder for thieves to access sensitive card data both during the transaction and afterward. These security guidelines help protect card information whenever it is:

Noncompliance results in hefty fees from major card brands.Penalties can range from $5000 per month to $100,000 per month.

PCI Compliance offers several important advantages . As a merchant , compliance benefits you by

1. Saving time and money

Reduce the risk of having to cover fraudulent losses out of pocket.Card brands will charge your business fees due to data breach.Don't forget about the additional expenses associated with forensic investigations for when breach occurs. It can take moths to undo damages, and you might spend fortune in legal fees.Even if breach doesn't occur

2.Attracting more business

Just one data breach can scare business away.By providing a safer shopping experience, you can increase customer confidence in your organization.