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Data is valuable to businesses, and it’s their role to safeguard customer information. However, cybercriminals also find data to be valuable. This means that customer data is a target or cybercriminals. Any business that processes credit and debit cards becomes a target for these criminals.
Small businesses and startups might think that they are too small of a target for cybercriminals to take note. In reality, they are a softer target compared to bigger companies, as the lack of preparation makes it easy to exploit their systems.
As a startup, your priorities are to get your business running, and you might overlook some areas in your haste to break even. However, the best way to build and sustain a business is from the ground up. Achieving and maintaining PCI compliance should be among your priorities.
Here are several things you should know about PCI compliance
1. What is PCI compliance and how is it relevant to your business
PCI is a shorter version of PCI DSS, which represents the Payment Card Industry Data Security Standard. They are a set of standards developed by the Payment Card Industry Security Standard Council to safeguard payment systems. The standards ensure that any business that accepts, processes, transmits or stores credit card data maintains a secure credit cardholder environment.
How is PCI compliance relevant to your business? It applies to your business if it accepts credit card transactions regardless of the transaction numbers. If you get only a single credit card transaction per year, your business needs to achieve PCI compliance. The same applies if you process over 6 million credit card transactions per year.
While PCI compliance will not completely eliminate the exposure to data breaches, it will significantly reduce the risk.
2. Compli… Read More
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