What are the Benefits of PCI DSS Compliance?

Understanding PCI DSS Compliance

As more and more businesses move online and accept credit card payments, protecting customer payment card data has become increasingly important. The major credit card brands developed the Payment Card Industry Data Security Standard (PCI DSS) to encourage and enhance card payment data security. It contains a set of security standards that aim to handle sensitive information safely.

All businesses and organisations that accept, process, store or transmit credit and debit card payments must comply with PCI DSS. Non-compliance can result in major fines and penalties, but achieving and maintaining compliance benefits a business.

What is a PCI DSS Compliance?

PCI DSS compliance refers to a set of security standards designed to protect cardholder data. Major credit card brands developed the Payment Card Industry Data Security Standard (PCI DSS) to help organisations process, store, or transmit credit card information and maintain a secure environment. Compliance involves conducting vulnerability scans, implementing strong access control measures, and regularly monitoring and testing networks.

Top 10 Benefits of PCI DSS Compliance

The following are the top 10 benefits of using PCI DSS compliance

1. Reduced Risk of Data Breaches and Theft

The primary goal of the PCI DSS is to help organisations prevent data breaches and the loss of sensitive cardholder information. By implementing strong security controls around payment systems and networks, PCI-compliant organisations significantly reduce the risk of hackers stealing customer payment details. 

With strict requirements around firewalls, encryption, access control, and monitoring, it is much harder for cybercriminals to access and exfiltrate credit card data from PCI-compliant environments. This provides major risk reduction and helps prevent costly data breaches.

2. Avoidance of Fines and Penalties  

If a data breach occurs at a non-compliant organisation, the company may face substantial fines and penalties from major credit card brands like Visa, Mastercard, American Express, and Discover. 

PCI DSS-compliant organisations are protected from these penalties in case of a breach as long as they demonstrate they have the required security controls. The potential liability savings alone can justify the benefits of PCI DSS Compliance.

3. Increased Customer Trust and Loyalty

Customers are increasingly aware of data protection issues and choose to shop with companies they believe will keep their information safe. By achieving and maintaining PCI compliance, organisations demonstrate their commitment to handling customer payment data with the highest security standards. 

This increased trust can help attract new customers and boost loyalty among existing customers. In an age when reputation is key, the benefits of PCI DSS compliance extend far beyond technical controls.

4. Improved Online Payment Security

The process of achieving PCI compliance forces organisations to identify gaps, strengthen controls, implement new technologies, enhance processes, and designate security responsibilities. 

These changes leave the business better prepared to defend against all cyber threats beyond just payment cards. Many companies report an overall upgrade on their security program and culture as an unintended benefit. Compliance builds security expertise that protects the whole business.

5. Protection from Third Party Risks  

PCI DSS compliance helps manage risks from third-party vendors by requiring appropriate security controls for shared systems and data, providing an extra layer of payment protection. 

6. Streamlined Auditing Requirements

Once certified, annual PCI DSS compliance validation is still required but is streamlined. Non-compliant businesses face more rigorous and frequent auditing, which consumes time and resources.

7. Potential Insurance Discounts   

Some cyber insurers are beginning to provide small premium discounts to organisations demonstrating ongoing PCI compliance. While the discounts may be modest today, we expect PCI compliance to become a more influential factor in underwriting and pricing cyber insurance policies as the industry matures. The benefits of PCI DSS Compliance could extend to reduced costs of this increasingly essential coverage.

8. Improved Online Merchant Status

Achieving PCI DSS compliance is often mandated by online payment gateways and shopping cart platforms. It enables a business to trade without transactional restrictions.

9. Reassurance for Investors and Partners  

PCI DSS certification reassures partners and third parties that a business takes security and privacy seriously. This supports growth plans.

10. Enhanced Staff Awareness and Skills

The process of achieving PCI DSS compliance raises security awareness across an organisation. It improves employees’ understanding of how to handle sensitive data securely.

Secure Your Online Payments with NTT DATA Payment Services India

NTT DATA Payment Services India offers a range of PCI DSS-compliant payment solutions and services to help businesses securely accept payments online or in-store. 

NTT DATA Payment Services India offers a complete payment solution to advance your offline and online businesses. From online payment gateway and POS machines to IVR payments and Bharat QR Scan and Pay, we ensure maximum comfort, convenience, and safety for all your payments.

Conclusion

Achieving and maintaining PCI DSS compliance provides clear benefits for any business that accepts online or card-present payments. It significantly reduces risks, avoids potential fines and penalties, boosts customer trust, and enables growth. 

For merchants and service providers that rely on payment card acceptance, PCI DSS should be considered a necessity rather than an optional program. The benefits of PCI DSS Compliance are too significant to ignore.

FAQ

1. What is PCI DSS compliance?  

PCI DSS compliance refers to security standards designed to protect cardholder data and help organisations securely process, store, or transmit credit card information.

2. What are the requirements for PCI DSS compliance?

The requirements include conducting vulnerability scans, implementing strong access control measures, and regularly monitoring and testing networks.

3. How can PCI DSS compliance reduce security risks?  

By implementing controls around payment systems and networks, PCI compliance significantly reduces the risk of hackers stealing customer payment details and data breaches.

4. Can a company face fines for non-compliance?

Yes, if a data breach occurs at a non-compliant organisation, they may face substantial fines and penalties from major credit card brands.

5. How can PCI DSS compliance boost customer trust?

It demonstrates a commitment to handling customer payment data securely, which increases customer trust and loyalty.