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At first glance, especially if you are a smaller organization, it may seem like a lot of effort, and confusing to boot. But not only is compliance becoming increasingly important, it may not be the headache you expected.
Compliance with data security standards can bring major benefits to businesses of all sizes, while failure to comply can have serious and long-term negative consequences. Here are some reasons why:
Through your efforts to comply with PCI Security Standards, you’ll likely be better prepared to comply with other regulations as they come along, such as HIPAA, SOX, etc. You’ll have a basis for a corporate security strategy and you will likely identify ways to improve the efficiency of your IT infrastructure
As data compromise becomes more spohisticated it becomes more difficult for an individual merchant to stay shead of the threats. The PCI Security Standards Council is constantly working to monitor threats and improve the industry's means of dealing with them through enhancements to PCI Security Standards and by the training of security professionals
Trust means your customers have confidence in doing business with youConfident customers are more likely to be repeat customers, and to recommend you to others Compliance improves your reputation with acquirers and payment brands -- the partners you need in order to do business.
Compromised data negatively affects consumers, merchants, and financial institutions. Just one incident can severely damage your reputation and your ability to conduct business effectively, far into the future. Account data breaches can lead to catastrophic loss of sales, relationships and standing in your community, and depressed share price if yours is a public company