Top 5 Reasons Why PCI Compliance is a Must for Your Company

If you are a merchant or your company accepts credit or debit cards for payments in any capacity, then you should be adhering to the Payment Card Industry Data Security Standard (PCI DSS) to help ensure the security of the financial information you are collecting. The PCI DSS is a specialized set of standards that all companies that process, store, or transmit credit card information are required to follow.

Failing to ensure PCI compliance in your company not only places your customers’ data at risk, but your company could face stiff fines and penalties. For instance, banks that are not PCI compliant can be fined anywhere between $5,000 and $100,000 a month depending on the level of their violations.

Here are the top five reasons why every credit card-accepting company needs to be in PCI DSS compliance.

#1: Builds Trust and Confidence in Your Customers

When you follow PCI security standards, you are essentially telling your customers that you care about their privacy and that they can trust you with their sensitive credit card information. This builds confidence in your customers and improves the chances of them becoming repeat buyers and/or recommending your business to others.

#2: Increases Your Company’s Reputation

If your business is looking to partner with another business or you are looking to attract investors, then being PCI compliant will prove to them that you are a responsible business owner and that your company takes security seriously. Companies that are compliant with the PCI DSS security standards enjoy positive reputations and an increased likelihood of forming strong business partnerships.

#3: Protects Your Company Today and Tomorrow

PCI DSS security standards are always in a state of flux. They are always being updated and improved. By keeping up with these changes, you ensure that your company is up-to-date with all of the latest security standards and this will not only help protect your company today, but well into the future as well.

#4: Helps Strengthen Security in Other Areas of Business

PCI compliance is just one facet of a strong security strategy, but by being compliant in this area, it improves the odds that your company will strengthen its security measures in other areas. For instance, companies that are PCI compliant tend to be vigilant when it comes to improving the efficiencies and security of their IT infrastructures. PCI compliance serves as the foundation for a corporate-wide security strategy and it also helps a company be more prepared for complying with other types of industry regulations, like HIPPA, SOX, and others.

#5: Reduces Corporate Risks

As stated earlier, companies that are not PCI compliant face potential fines and penalties, but the risks don’t end there. Having data compromised just once can potentially ruin a small company. As a result, it can lose business partnerships and even worse, customers. Data breaches also leave a company exposed to all manner of lawsuits, insurance claims, cancelled accounts, and fines from both the government and payment card issuers.

Protect Your Data Thoroughly – Use Data Destruction Services on EOL Equipment

Practicing PCI compliance is just one part of a thorough data security strategy. When you have IT equipment that is nearing its end-of-life (EOL), it is equally important to have a strategy in place for protecting the data that’s been recorded on those hard drives. Only DOD-certified data destruction delivers the level of sanitization required to fully protect your customers, your business partners, and your organization.

For best in class data destruction, call Liquid Technology today at 800-797-5478. One of our data destruction specialists will be more than pleased to assist you.