The PCI Security Standards Council offers robust and comprehensive standards and supporting materials to enhance data security. The keystone is the PCI Data Security Standard (PCI DSS), which provides an actionable framework for developing a data security process — including prevention, detection and appropriate reaction to security incidents.
Why Comply with PCI Security Standards?
Compliance with data security standards can bring major benefits to Blue Chip, while failure to comply can have serious and long-term negative consequences. Here are some reasons why:
- Compliance with the PCI DSS means that our systems are secure, and our customers can trust us with their sensitive information:
- Trust means our customers have confidence in doing business with us
- Confident customers are more likely to be repeat customers, and to recommend us to others
- Compliance improves our reputation with acquirers and payment brands – they partner with us to do business
- Compliance is an ongoing process, not a one-time event. It helps prevent security breaches and theft of data, not just today, but in the future:
- As data compromise becomes ever more sophisticated, it becomes ever more difficult for an individual Service Provider to stay ahead of the threats
- The PCI Security Standards Council is constantly working to monitor threats and improve the industry’s means of dealing with them, through enhancements to PCI Security Standards and by the training of security professionals
- When we stay compliant, we are part of the solution – a united, global response to fighting payment card data compromise
- Compliance has indirect benefits as well:
- Through our efforts to comply with PCI Security Standards, we will be better prepared to comply with other regulations as they come along, such as ISO27001:2013
- We will have a basis for a corporate security strategy
- We are likely to identify ways to improve the efficiency of our IT infrastructure
- But if we are not compliant, it could be disastrous:
- Compromised data negatively affects customers
- Just one incident can severely damage our reputation and our ability to conduct business effectively, far into the future
- Account data breaches can lead to catastrophic loss of sales, relationships and standing in our community
- Possible negative consequences also include:
- Insurance claims
- Cancelled contracts
- Payment card issuer fines
- Government fines
Building a business is hard work – and we need to ensure we secure our success by securing our customers’ data. Our customers depend on us to keep their information safe – so we must repay their trust with compliance to the PCI Security Standards.
Blue Chip have recently been certified to Level 1 Service Provider for Co-Location hosting and listed by Visa Europe as a Merchant Agent.