Why Privacy and Security Compliance are Important (read: Mandatory)
by Joe Miramonti
2 min read
June 24, 2021
Think about your company and your privacy and cybersecurity initiatives. Now, choose the appropriate answer: “PCI compliance for our organization is”
a) important, b) a hassle, c) mandatory, d) smart
The correct answer is A, C, D and —all too often —B.
Anytime you or your company handles sensitive information, cybersecurity is a concern. Ignoring or not implementing cybersecurity compliance best practices can be a costly mistake. The risks of not incorporating PCI compliance into your payment solutions include:
Industry fines for non-compliance
Increased risk of data breaches
Fines and lawsuits that result from data breaches
Government intervention (FTC has sued companies for prior security breaches))
A loss of customer confidence
For any organization that accepts or handles credit card data and transactions, compliance with Payment Card Industry (PCI) Data Security Standards should be a given. The moment your company accepts your users’ payment information, as well as any other sensitive data about your customers and/or students means that compliance with industry security standards should be paramount for you, as well as any SaaS payment processing tools.
PCI is a collection of best practices that the major credit card companies have identified as crucial security concerns, organized into 12 core areas. While the certification process is a snapshot of your strengths at a given moment in time, true PCI compliance is a continuous process.
IMAGE CREDIT: ADKTECHS
TAKEAWAY: PCI DOESN’T END WHEN YOU GET A LETTER OF COMPLIANCE.
The good news is that there are solutions that can ease the burden of achieving compliance:
Working with solution providers that help to take your processes out of scope.
Look for providers that tokenize sensitive data so that information never touches your systems.
Look for providers that take the need to store sensitive information off of your plate.
Working with providers that build their platforms specifically for the needs of your organization.
When possible, find partners that are not only familiar with the requirements of the payments industry but who also understand your specific industry and implementation.