What is PCI DSS and how it can affect your business? Read this article and discover the most important information you need to know! Get answers to your questions!
The world is becoming digital and we all have to embrace this trend. The technology is becoming an extremely important part of our lives – in our personal as well as in our business life. Everything is different now – from the way we spend our free time, to the way we do business and even the way we process the financial payments.
What is PCI DSS and what is PCI Security Standards Council?
PCI DSS stands for Payment Card Industry Data Security Standards and it is a system of rules related to credit or debit card transactions. The PCI Security Standard Council is responsible for PCI DSS.
Not so recently, the PCI Council has released the newest version of PCI DSS or version 3.2 for merchants, online retailers, and service providers who process, store, and transmit credit card information and could impact the security of the system. As of October 31, 2016, PCI DSS has become mandatory for all type of companies who allow credit/debit card transactions.
Because of these changes, a lot of people are asking who PCI DSS affects actually and how it can possibly affect your business. Here’s some of the most popular articles that you can check:
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How PCI DSS Can Affect Your Business
The Payment Card Industry Data Security Standards apply to online e-commerce retailers and to brick-and-mortar merchants. In other words, any business or company that processes, receivers, and stores the credit card data is strongly obligated to become PCI compliant.
The most important reasons why you should invest in PCI compliance is because PCI DSS will provide you reputation and security. Companies that commit and believe in PCI compliance are likely to achieve greater levels of popularity, customer satisfaction, and trust.
PCI DSS also enhances B2B relationships. In other words, being a PCI compliant means that you are committed, responsible, and reliable retailer who proves to their business associates and payment brands that you are respecting the elements of data security.
PCI DSS compliance is beneficial to almost all commercial business, however, it has an additional advantage for e-commerce businesses as they are exposed to the risk of information theft and data loss.
The 3.2 version of PCI is more reliable, consistent and secure, than any other option on the market. It is definitely a good idea to invest in this area.