Did you know that there is a hacker attack every 39 seconds, and 3809, 448 records are stolen every day for violation?
According to a research published in the Hemdal Security Blog (https://heimdalsecurity.com/blog/10-surprising-cyber-security-facts-that-may-affect-your-online-safety/), Approximately 230,000 new malware samples are launched every day.
And surprisingly, 95% cyber security violations occur in only three major industries, such as government, retail, and technology. In addition, 43% of the total cyber attacks specifically target small businesses, and according to the survey and report, only 38% of global organizations think that they are ready to handle a complex cyber attack.
The technological advancement has made purchases online or offline with the maximum convenience for consumers, i.e. in busy restaurants, in-store sales workers equipped with tableside payments kiosks, point-of-sales (POS) devices, online payments etc. Technologies where they are improving customer experiences, also tell about serious security vulnerabilities, i.e. their personal payment card data and other highly sensitive information.
Therefore, if you are a small business, then operating in retail or technology, you are more likely to be on the hit list of cyber criminals. Indeed, cyber attack hackers on retailers are more understandable because they are needed in a retail business, i.e. customer information And, as a responsible business, protecting your customers' data is your main responsibility.
Let's say you already have a Merchant account Start accepting credit card payments (Online or in-store), you only have to set up a device / app or plugin that allows you to accept credit card payments, and money starts flowing! Well, it's not that easy.
Check the TOS of your Merchant Account Agreement which clearly states that you must be in compliance with all the rules and regulations and as a result of noncompliance, there may be a suspension of your account as a result of the fine and repeated incidents.
Well, you have not read between lines while signing up for a merchant account, so here's a quick overview of PCI compliance for businesses.
Introduction to PCI safety standards:
PCI Security Standard Council is a global platform that is trying to maintain security, standards for data protection, growth and implementation of security standards. And according to the rules, every small business and largest corporations who accept credit card online or offline will have to comply with PCI Data Security Standard (PCI DSS). The ultimate goal of PCI security standards is to create and maintain a secure network.
What does this mean for me as a business owner and what should I do?
As a small business, you must comply with the Payment Card Industry Data Protection Standard (PCI DSS). Here you can find comprehensive compliance requirements https://www.authorize.net/resources/pcicompliance/.
My company uses a third party credit card processor Do I still need to comply with PCI compliance?
Even if you are using a third party credit card processor, which is a PCI-DDS compliance itself, then it does not comply with your business. In addition to updating your technology, you have to train your team to protect the customer's information. Here you can find more info On PCI compliance training
My company does not store credit card data, so PCI compliance does not apply, is it?
Well, if your business accepts credit or debit card in any way, PCI compliance applies to you. If you do not store card data, compliance is relatively easy!
Does my business comply with PCI if I have an SSL certificate?
Remember that the SSL certificates do not protect the web server from malicious attacks or intrusions. The SSL certificate is the first level of customer protection, but additional steps should be taken to get PCI compliance.
Bottom-line:
Keeping in mind the speed of cyber attacks, it is very unlikely that hackers will reduce their efforts to steal sensitive payment card data. Therefore, it is your responsibility to take this necessary step as a responsible business, become a PCI compliance business, and contribute to the safe commercial world.
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