Viewpoint
Clive Kahn, CEO of CardSave, discusses why PCI and security are a match made in heaven…
Getting to Grips with PCI
The way that people pay for goods and services is changing. As payment technologies continue to evolve, businesses are increasingly being required to demonstrate to their customers that their systems are secure and that the important confidential data they hold is protected. Consumer trust is a hard won and easily lost commodity.
Most retailers will have been contacted by their bank or merchant acquirer requesting that they register their Payment Card Industry Data Security Standard compliance (PCI), a set of principles that ensures a customer’s sensitive payment information is handled and stored securely. However, it seems to me that not all retailers have completed the registration.
PCI is vital for security, as was shown in a recent study that demonstrated 64 percent of PCI compliant organisations reported no breaches involving credit card data over the past two years, while only 38 percent of non‐compliant organisations could make the same claim.
The cost to businesses of falling foul of data breaches and fraudulent activity shouldn’t be underestimated either. Many customers will abandon a merchant that has suffered a security breach, whilst card providers can fine non‐compliant businesses or even prevent them from accepting card payments.
The most significant problem for small retailers is the complex language used to
explain PCI; it makes compliance seem a costly and time intensive process. However, strip away the terminology and you are left with quite a simple set of tasks. Businesses should limit the extent to which they store individuals’ card details, and demonstrate that their systems are PCI compliant. Access to material such as transaction receipts, email and Internet accounts should also be confined to security‐trained personnel who require it in order to do their jobs.
While many providers are working hard to help the small and micro‐business, it’s time the giants of the industry took a similarly proactive approach to dispelling the great PCI compliance myth.
Contact: CardSave
T: +44 (0) 808 149 5188
www.cardsave.net
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