E-commerce business owners are finding it hard to protect their data from threats and breaches, and this is impacting every other industry and organization.
It has been noted that 90 percent of small businesses face the wrath of cyber attack, and this needs urgent attention.
There was a standard procedure in place when the companies started following PCI compliance, which began in 2006 to protect business and customer data.Thought the e-commerce industry is still confused and has little understanding of the PCI security standards, and that is what makes it important for them to know why they need PCI compliant.
Here is what makes PCI compliance an important factor
What are PCI Standards?
PCI means ‘Payment Card Industry’ which was developed in 2006, and since then it has progressed significantly to keep up with the ever-changing technology changes. So that it stands apart from all the latest tactics that cyber criminals use to steal their data.
The most important factor in compliance is the design which is meant to protect all parties involved in the payment through the card. This includes processors, payment network, banks, business, and customers.
PCI Compliance is a must
PCI compliance is not a law, but not adhering to it will invite legal action. An organization that fails to apply this compliance will not face legal action, but there will be a legally accountable in case you are involved in a breach, and that the PCI compliance was not in place.
Why Hackers attack Small Business
Why hackers target small business when they could lay their hands on corporate and get away with big money? Well, small business is easy targets, and most of them do not comply with PCI norms. Guess, for instance, they target big house like Tesco or Target, they won’t have a robust security system in place, and PCI compliant, so is it worth going after the big business houses.
How to be PCI compliant?
If you want to be PCI compliant, but find it hard to amend your process accordingly, then better be reminded that PCI compliance is a team effort. This includes working with payment processors and accepting EMV chip cards which are secured with magnetic strips. This makes it hard for cybercriminals to compromise your system.
There also are many vendors that conduct audits to detect potential vulnerabilities for small businesses that can help your business become PCI compliant.
There are many vendors that detect potential threat and vulnerabilities by conducting audits for small to medium size business. E-commerce business owner can overlook these factors, but they are at larger risk. They should realize that the precautions are designed in a way that keeps their customers as well their own business protected. Implementing and using this is worth the effort.