We live in a world where data is a currency.
The Target credit card hack and the Equifax data breach were serious incidents purporting to the importance of safekeeping sensitive information. It is a constant reminder that maintaining compliance with the Payment Card Industry Data Security Standard (PCI DSS) is paramount.
PCI DSS Defined
PCI DSS is a set of regulations mandated by the Payment Card Industry Security Standards Council designed to ensure PCI compliance surrounding credit card transactions and cardholder data.
It mandates merchants and businesses to handle credit card information securely to ensure no sensitive financial data is exposed or stolen.
Being PCI compliant means consistently adhering to the guidelines set forth by credit card companies, regardless of the size or the number of credit card transactions processed.
In a call center setting, PCI standards safeguard cardholder’s sensitive information (card number, CVV code, expiry date) when doing transactions.
Benefits of being PCI Compliant
Data breach incidents are growing at an alarming rate. From government organizations and giant companies such as Facebook and Yahoo, everyone is a target of cybercrime. It is crucial now, more than ever, to safeguard personally identifiable information (PII).
As a company or an organization, being PCI compliant brings with it several benefits.
1) Reduced Risk of Data Breaches
According to Verizon, “compliance with PCI DSS helps protect payments systems from breaches and theft of cardholder data”.
Being PCI compliant is more than just ticking off a list of guidelines. It involves putting in access control systems in place as well as two-factor authentication processes to guarantee sensitive data is not compromised.
2) Builds Trust
In a survey by Mastercard in 2017, findings show that 85.9% of Asia Pacific consumers are likely to be motivated to shop online if secure payment facilities are in place.
Trust is an essential factor in business relationships.Customer confidence affects your branding and your bottomline.
What’s more, a survey reveals that consumers would not return to a business if confidential information has been compromised.
3) Brings you Peace of Mind
By ensuring security breaches are less likely to occur, you can confidently go about your business and have fewer things to stress about.
4) A Wise Investment
Data breaches are expensive and can cost you your company. Non-compliance fines can range from US$5,000 to US$500,000.
Just for Target alone, as of 2017, the settlement they forked out for the infamous data breach incident is already close to US$300 million.
It is a far less expensive investment to have proper security regulations, programs, and protocols in place to be PCI compliant.
Looking to partner with a PCI Compliant call center in the Philippines?
Then contact us now.
We are a certified and trusted PCI Compliant call center with policies in place to eliminate data breaches and cyber attacks supported by our advanced, state-of-the-art infrastructure.
We’d love to learn more about you and how we can help you grow your business to greater heights.