Why PCI Compliance is Important for eCommerce stores
Today’s consumer market is experiencing a massive digitization wave, allowing businesses to gain maximum profit via various generative channels. Users have got easy access to their favorite products and services, with the convenience of door-step deliveries and easy payment. While the growing trend of eCommerce services has fetched countless benefits for both consumers and businesses, it has also exposed various security flaws. Users have become over-dependent on web-enabled services, giving rise to multiple vulnerabilities related to data and payment security.
According to market studies, losses due to payment frauds have tripled since 2011, going up from $9.84 billion to $32.39 billion in 2020. Digital commerce has played a very crucial role in endorsing the trend. Since the popularization of online trade, enterprises have always focused on fast deliverables to flatter their audiences. The consumer base mostly prefers quick servicing, but many times it exposes system vulnerabilities that can be exploited by cyber-attackers. Such websites are prone to data and payment thefts, leaving the users helpless and unhappy.
PCI compliance for data protection
Payment security has always been a crucial subject in the eCommerce line of work. Cybercriminals desperately look for vulnerabilities in eCommerce platforms to extort money, interest, sensitive information, or other valuable assets. To avoid such incidences, enterprises should implement the latest security measures to safeguard their users’ personal and sensitive data against malicious digital assaults.
Speaking of eCommerce security measures, PCI-compliance is the gold standard to follow. While it is not an actual implementation method per se, it is a set of requirements for companies dealing with online payments. By following the checklist, companies can ensure a secure environment for payment transactions. A PCI compliance program essentially strengthens its information security program, thereby protecting its sensitive data from unlawful access. Today, PCI compliance has become mandatory for every eCommerce merchant that accepts online payments.
The Payment Card Industry Data Security Standard (PCI DSS) was devised to cut down the risk associated with debit and credit card data loss. PCI compliance allows for effective detection, prevention, and counter-response in case of a data breach. It is to ensure safety at both ends, the vendor and cardholder’s side.
What is the PCI DSS?
PCI DSS is a set of proven payment security standards that every online business store needs to uphold. An alliance between Visa, MasterCard, Discover, and American Express led to the PCI DSS formulation in the year 2004. Since then, the standards have evolved, granting the online sellers with medium and resources to prevent any potential data breach.
The PCI Data Security Standards (DSS) apply to every online merchant/ vendor, irrespective of their revenue or transaction volumes.
Here is a detailed list of advantages that PCI compliant vendors hold:
• The risk of a data breach is minimized to great extents.
• It enables authorities and agencies to detect and prevent potential attacks easily.
• Merchants get a common security standard to follow and improve operational efficiency.
• It helps develop customer trust concerning sensitive payment card information, which, in turn, improves customer confidence leading to repeat purchases.
• PCI compliance enhances brand reputation, acquiring great chances for mergers and collaborations.
• It enhances IT infrastructure efficiency and prepares your platform for additional regulations like HIPAA, SOX, etc.
PCI compliance is more of a progressive approach to prevent data breaches and payment card theft. By following the proposed measures, merchants can significantly reduce the risk of credit and debit card data loss, identity theft, and potential data breaches. These are laid as strict standards in the online payment domain. Failure to comply may fetch huge fines, or even worse, prohibit a business owner from conducting online trade or accept any form of online payments.
Eliminating the Risk with Payment Gateways
PCI compliance mandates business owners to prioritize payments and data security. This is done to ensure that a user’s sensitive and private information is always protected and encrypted. However, setting up custom payment gateways and transaction portals can often be challenging. To ease the process and reduce the risk, eCommerce business-owners should head for popular and proven payment gateways like Stripe, PayPal, and Authorize.net to carry monetary transactions. Payment gateways that offer the highest PCI level and more straightforward dispute resolution fall under the ideal choice.
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