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PCI DSS Security Standard Compliance Makes Sense for Small Businesses

August 25, 2014
Since 2006, the major credit card issuers have required that businesses that process credit card payments implement the PCI DSS Security Standard for credit card processing.

 
Unfortunately, many small business owners still don’t understand the growing threats they face from hackers preying on small companies that lack the security that larger companies can afford (more than 70% of attacks are against small businesses).
 
A direct response to the breaches of hundreds of millions of computer records including credit card information, the Payment Card Industry Data Security Standard requires that merchants who process credit card payments — no matter how small — implement certain security measures on their internal networks.
 
From a business standpoint, compliance with PCI DSS makes sense as you can tout your compliance to your customers to give them more confidence that their payments to you will be secure.
 
On the other hand, the financial downside to not complying could invite not only losses from credit card fraud, but seriously impact or even put you out of business through:
  • Negative publicity
  • Lost customers
  • Lost vendors
  • Lost sales
  • Cost of reissuing new payment cards
  • Lawsuits
  • Insurance claims
  • Fines from credit card issuers
  • Government fines
  • Higher costs of subsequent compliance
  • Termination of ability to accept payment cards
 
Remember the Target breach? Target’s profits dropped nearly 50% in the aftermath and the CEO resigned, all because of security lapses within Target that started when an HVAC vendor’s login credentials for Target’s vendor system were hacked and used by the thief to log into Target’s POS system.
 
Don’t be a Target.
 
More information on PCI for the smaller sized businesses we have on Delmarva is available at the PCI Security Standards Council’s web site for smaller businesses.
 
If you need help with the technical aspects of complying, call us at 302-537-4198.
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