4 Top Reasons Why PCI DSS Compliance Matters

As an organization that handles payment card information, you may be wondering whether it is worth the expense and sometimes complex process of becoming PCI DSS compliant. Given it’s not a legal requirement to comply, perhaps it’s not something you’re not too concerned about? However, as we’ll explain, it’s something you must take seriously and if you’re handling customer payments over the telephone then you’ll want to read on.

The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards drawn up by the leading payment card and processing companies. The primary aim is to protect cardholders from financial fraud, which costs the industry millions of dollars every year.

Here are the top 4 reasons to become PCI DSS compliant:

1. Protect Your Customers’ Data

One of the most important reasons to become PCI DSS compliant is to protect your customers’ sensitive information. Payment card information such as cardholder names, account numbers, and expiration dates are all targets for cybercriminals. In the wrong hands, this information can be used to commit fraud and identity theft. By becoming PCI DSS compliant, you are ensuring that you have taken the necessary steps to protect your customers’ data.

2. Avoid Costly Penalties and Fines

If your organization is found to be non-compliant with PCI DSS, you could face significant penalties and fines. These penalties can be as high as $100,000 per month, which can quickly add up to millions of dollars. In addition to the financial cost, non-compliance can damage your organization’s reputation and result in a loss of customers or a drop in share price.

3. Gain Competitive Advantage

By becoming PCI DSS compliant, you can gain a competitive advantage over other organizations that are not. Consumers are becoming more aware of the importance of security when it comes to their payment card information. By demonstrating that you take security seriously and have implemented the necessary measures to protect their data, you can build trust with your customers and differentiate yourself from your competitors.

4. Improve Overall Security Posture

PCI DSS compliance requires implementing a number of security controls and processes. These controls and processes can help to improve your organization’s overall security posture. By implementing these measures, you are not only protecting your customers’ data, but also reducing the risk of other security incidents such as data breaches and cyber attacks. Compliance with PCI DSS is also a significant step in ensuring compliance with other regulatory frameworks such as such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

So it’s clear to see, becoming PCI DSS compliant is not only important for protecting your customers’ data but also for avoiding costly penalties, gaining a competitive advantage, and improving your overall security situation. 

Compliance Doesn’t Need To Be Complex

If you’re taking card payments over the telephone, then you need to make sure you’re working with telephony providers and contact center experts who understand how to make things as safe as possible, continuing to improve and enhance security as new threats emerge to protect your business and your customers. 

Natterbox is a trusted provider for many contact centers around the world, and has recently partnered with PCI Pal to launch Natterbox PCI Payments. This solution is specifically designed to meet the needs of PCI DSS. As your customer enters their details using their telephone keypad, they are sent directly to the payment processor through a secure, encrypted connection, ensuring that sensitive card details will never be seen, heard or stored on your systems.  And, because it’s Natterbox, it’s all achieved without leaving your Salesforce CRM environment, promoting improved efficiency and cutting down on unnecessary systems which could create security headaches.

So if you’re ready to become PCI DSS compliant, or perhaps you’re looking at making your existing setup more efficient and cost effective, why not get in touch.