Why Comply With PCI Security Standards Important To My Small Business?

February 2, 2015

The Payment Card Industry Data Security Standard also called the PCI-DSS or PCI, is a set of hundreds of requirements to ensure the security of credit cards and financial data on information technology systems. All businesses handling credit card data must follow the PCI-DSS. You should understand the importance of PCI compliance when choosing a colocation or hosting provider.

PCI Security Standards

Consumers today are very concerned about online security. This can be seen most clearly when it comes to eCommerce websites and online purchasing. Consumers will not enter personal data and credit card numbers without knowing that a server is secure first. This is why the Payment Card Industry (PCI) created a data security standard (DSS) for anyone dealing with credit cards and financial data online. Using a hosting service that provides PCI compliance is good for your business in a number of ways.

Mitigate Your Liability

If a data breach does occur and your client information is revealed, then you could be facing liability issues and legal action. Your liability problems can become much worse if it is discovered that you were using a service that did not comply with industry security standards. You want to use Volico hosting services because they maintain full PCI compliance at all times. This ensures that any liability issues arising from a breach will be minimal.

Build Client Trust and Loyalty

You want clients and consumers to have complete trust in your business. If people do not trust your website or business, then your profits are going to suffer over time. One way to build trust and loyalty is to use a service that complies with all PCI-DSS guidelines. Consumers who see this compliance will understand that everything possible is being done to protect sensitive personal and financial data.

Avoid Penalties

The reality is that the requirements in the PCI-DSS are strictly enforced by the industry. Your business could face fines and other penalties if you are not maintaining compliance with the standards. This can become very costly. You might even lose the ability to effectively process credit card information. Compliance for PCI is very important because you could face serious problems if you do not use a provider like Volico that implements these standards in a comprehensive way.

Remain Compliant As Standards Change

The PCI-DSS changes regularly. The changes address the newest threats or provide updated standards for the latest technologies. Each one of these changes can be difficult to implement when you have a limited information technology staff. Volico maintains compliance with PCI standards even as they change. Systems and security are updated to meet the new requirements as they are released. This allows you to seamlessly remain PCI compliant.

Provide Customers with Peace of Mind

One of the main ways compliance with the PCI-DSS is good for your business is because it will provide peace of mind to customers. Consumers know that complying with this set of standards creates a more secure server and infrastructure. The Volico hosting service implements the full PCI-DSS so that all of the financial information passing through or stored on your servers is as secure as possible. This will increase the trust consumers have in your company. It can ultimately lead to higher online sales and fewer customer service issues.

Limit Your Damages and Liability If an Attack Occurs

Your entire business could be permanently hurt if a data breach occurs that reveals consumer credit card information. The damage could harm your company for years to come. Additionally, you could be liable for a large number of monetary damages to customers if you have not taken every step to protect sensitive personal data. Using a hosting service with PCI compliance can limit your damages and liability. You could actually face larger lawsuits and fines if you are using a hosting provider that does not follow the PCI-DSS standard.

Compliance Is Mandatory

Compliance with the PCI-DSS is mandatory. The payment card providers insist that every company storing, transmitting or using credit card numbers must implement the standard. Your business could be fined heavily if you are not using compliant hosting services. You might even be ineligible to use some third-party services. Vendors and payment partners often do not want to do business with companies that do not follow the standard. You need to choose a hosting provider that is PCI compliant because it is a necessary step today when handling credit card data.

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