A world where virtually every purchase involves a digital payment, businesses are expected to protect customer information at all costs. With every tap of their phone, swipe of their card, or payment information online, customers are trusting. They trust that the business is going to keep their data secure. When someone breaks that trust, it can harm more than just a single transaction. It can damage a hard-earned reputation developed over many years.
Hence, why we have PCI protection. PCI protection acts as a silent shield that protects consumers and businesses alike. While it may not be the most glamorous part of running a business, it is among the most important. With PCI protection, businesses handle, store, and process cardholder data in a manner compiling with security standards. While, limiting risk and maintaining shopper confidence.
What is PCI Protection?
PCI protection follows the Payment Card Industry Data Security Standard, or PCI DSS. The major credit card companies developed this framework. It ensures that any organization that completes a credit card transaction follows some level of secure practices. PCI compliance is not optional; it is a requirement applying to any business who accepts card payments. Whether it be a large national retailer or a small local coffee shop.
The overarching goal of PCI protection is simple; protect cardholder data from theft, misuse or access. PCI protection requires you to create secure networks, encrypt information, maintain and monitor vulnerabilities, and train employees on best practices. By meeting compliance requirements, you significantly decrease your risk of having a breach. That could not only lead to financial ruin but also devastate customer confidence in your organization.
Why PCI Protection Matters
Many business owners see PCI protection as another regulatory burden, but it is more than that. PCI compliance is a commitment to protecting customers and maintaining the integrity of the brand. A business that follows PCI guideline shows their customers that they are focusing on their security. Importantly, it is a tremendous competitive advantage in nearly all markets.
The Reputation Factor
The reputation of a business is perhaps its most important asset, and PCI protection plays an integral means of preserving it. Customers want to feel reassured that their payment information will not be compromised. If a breach occurs, the ramifications of such an event go beyond its financial impact. They generate long-term uncertainty as to whether customers can trust a company. Perhaps more importantly, the vast majority of consumers will stop doing business. It will be with any company that suffers a payment data breach. In many cases, they permanently withdraw their loyalty, after losing trust. By maintaining PCI protection, businesses reduce the risk and inform their customers that keeping sensitive information secure is their number one concern.
The Financial Consequences
When a business disregards PCI compliance, the potential consequences are serious. Data breaches have become alarmingly prevalent. Cybercriminals generally go after companies where they perceive the risk of success to be higher than their risk of getting caught. The damage from these incidents can be irreversible – from penalizing fines to losing customers with whom you forged relationships over many years. Going beyond immediate costs, once the breach occurs. Customers who feel their trust has been broken will not return. There will be an endless supply of damaging content available on the digital space.
The Competitive Advantage
In contrast, companies that make compliance a key focus could find themselves in a position of competitive advantage. A reputation as a secure and reliable company fosters customer loyalty and attracts new customers who lust after peace of mind when making purchases. In this way, while PCI protection is a means to shield from risk, it is also a strategic enabler to promote steady growth over time.
Misconceptions Surrounding PCI Protection
Unfortunately, even with its importance, many business owners misunderstand PCI protection. Many small business owners feel they are too small to be targeted and therefore don’t consider compliance as an issue. The fact is cybercriminals often target small businesses as they believe that their defenses will be weaker. A single compromised transaction at a small local boutique shop damages the business just as much as one at a national chain.
Another common misconception is when a business outsources payment processing to a third party, there is no concern regarding PCI protection. While processors certainly do an important job, the responsibility for PCI protection still lies somewhat with the business. For example, employee training, safe handling of receipts, and secure access policies remain in control of the business. Compliance doesn’t happen in a single step, it requires continuous effort, review, and updating. The goal being to keep pace with threats when the industry makes changes.
How Business Can Approach PCI Protection
Thinking about PCI protection may feel daunting but it is ultimately something you can integrate into your business as ongoing business activity, where it becomes a process instead of a project. An opportunity often exists to understand the lifecycle of payment information through your business. Understanding the lifecycle of payment information between the moment the card is swiped or entered online, to the very moment it sits in storage or is transmitted. You are now ready to identify opportunities for PCI protection, such as gaps in the process. It will be apparent what steps can be taken to improve the process through upgraded software, encryption, and employee training.
Companies must also approach PCI protection more than simply avoiding penalization by a credit card company. It should become art of your brand promise. Our customers may never ask if you are PCI protected but will certainly notice if something goes wrong. By making compliance part of your organizational culture, also sending a message to employees and clients that protecting customer privacy is of utmost importance to you.
The Cost of Non-Compliance
The threat of failure to comply with PCI goes beyond technical issues. Companies that fail to comply with standards may face significant financial penalties from credit card companies. With that being said, the costs to rectify issues may quickly escalate. In addition to hefty fines, the cost of cleaning up after a breach – including notifying customers, retaining cybersecurity experts, and dealing with litigation – can overwhelm small and mid-sized businesses.
Reputation is potentially the most fragile asset at risk. Once a breach occurs, customers may no longer trust the affected business and choose to shop elsewhere with competitors they see as safer. Even loyal customers after a long period may not come back. Reputation tends to extend outward, covering relationships with banks, payment processors, and even potential investors.
How Gulf Management Systems Supports PCI Protection
For a lot of businesses taking so many steps to secure and protect their payment processing, it can be too complicated and overwhelming. That is where GMS comes in. With 30+ years of payment processing and merchant services, GMS has established a reputation for helping customers stay secure, compliant, and efficient.
The biggest differentiator at GMS is their approach to help ultimately simplify PCI protection for every size business. Instead of leaving the business owner to figure out how to handle complication security regulations and requirements, our business provides guidance and support to each individual business based on their requirements. Our system has PCI protection, and businesses can be confident that they adhere to the latest standards of security while running their business.
If you are looking for a trusted provider for payment processing and protection, GMS will make the obvious choice. Click on the link below and our team is ready to help you. Book your free demo with our team to see how we can help your business maintain its PCI protection and remain secure and compliant as well as look toward the future!
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