4 Reasons You Need To Be PCI DSS Compliant

If you’re in the business of interacting with credit card transactions, you need to be PCI DSS compliant. But why?

Just because someone shows up on the scene and tells you you need to do something, doesn’t mean you have to do it, right?

That may be true, but there are some extremely compelling reasons why PCI DSS compliance is a good idea. Here are a few of them.

1. You may get fined if you don’t

This is the obvious one. The threat of force is a powerful motivator for us.

If you’re found to be noncompliant with the PCI DSS, it is possible that you may end up with a hefty fine.

The fines are different depending on the card brand and how long you’ve been noncompliant, but obviously no business wants to incur unnecessary fees and fines.  Depending on various circumstances, they can add up to more than a million in less than a year if you’re particularly negligent.

2. You’re more at risk for a data breach

The PCI DSS has some of the best modern practices for credit card security and IT security in general. After all, if people are afraid to use their credit cards because of a perceived lack of security and risk, the credit card companies are going to have a hard time continuing to do business.

So along with PCI DSS compliance comes better information technology security.

If you’re noncompliant, your business may be missing some of these important security features, which leaves your business vulnerable to a data breach.

And if you experience a data breach, not only may you face fines from your processor, you also may have to deal with lawsuits against your company by your own customers whose credit card data was compromised.

3. You’re on track for a bad reputation

A data breach is always bad press, no matter what happens. Even if you were 100% in compliance with PCI DSS regulations.

But what happens if it turns out that you knew what you could have done to stop a data breach, and you didn’t do it?

What happens if your data breach wasn’t a result of an ingenious hacker, but rather your own negligence?

How many people do you think will want to do business with you in the future?

4. Your business can be destroyed

That might sound a little melodramatic, but I’m not exaggerating here.

When your payment processor finds out you’re noncompliant with the PCI DSS, they’ll hear about it from the one of the card brands and, as a result, they may be fined. After all, businesses that work with noncompliant companies are themselves found to be noncompliant as a result.

Depending on the type of business you run, this can mean your ability to accept credit card payment either shrinks significantly or dries up altogether, and you’re left with reduced revenue, or even no revenue whatsoever.

On top of that, your bank may decide to close your account as well, as may your credit card company.

So if you’re found to be PCI DSS noncompliant, you can go from a fully functioning business to one that lacks any financial services whatsoever, almost overnight.

Yikes.

Contact 1st Secure IT

The above repercussions are just some of the reasons why PCI DSS compliance is important.

But does your organization even need to be PCI DSS compliant? If so, which requirements do you need to be compliant with? And what do you actually need to do in order to be compliant with them?

Navigating the world of PCI DSS compliance can be confusing and overwhelming. And as you’ve just read above, the consequences of doing it wrong are potentially catastrophic. This can make it even more concerning.

But it doesn’t have to be that way. 1st Secure IT can help.

Contact 1st Secure IT today, and speak with one of our experienced PCI DSS consultants. They’ll help you understand everything you need to do in order to become PCI DSS compliant, or to stay that way.

Contact 1st Secure IT, and keep your organization safe in the uncertain modern world.

1st Secure IT


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Coral Springs Florida
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Monday, 20 May 2019

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