The Payment Card Industry Data Security Standard is an industry-wide program developed in 2006 by the five major payment processors. This voluntary system is driven by 12 tenets that combine high technology and common sense. There are many myths and misconceptions about PCI-DSS compliance, but one thing is sure: In an age where data security is never guaranteed, this security standard provides value, protection and peace of mind. Whether you’re switching contact centers or outsourcing your operations, here are five reasons to choose a PCI-compliant provider.
1. Fewer Data Breaches
Ongoing PCI compliance reduces the chances of data-mining cyberattacks. Security experts say that these standards could have prevented some of the largest breaches in history. Based on 10 years of forensic data, Verizon’s 2015 PCI Compliance Report found that not a single company involved in a data breach was 100 percent compliant at the time. According to the digital security firm SecurityMetrics, requirement 10, which relates to monitoring network access, was the most problematic. Noncompliance in this area was a contributing factor in 73 percent of incidents.
2. Limited Liability Exposure
Data breaches present complex legal issues for small and mid-sized businesses as well as multinational corporations. In addition to reducing the frequency of cyberattacks, PCI compliance protects companies from excessive liability exposure and lawsuits. It may also improve your legal footing by showing customers and banks that you’ve done everything in your power to secure confidential customer data and payment information.
3. Lower Long-Term Costs
Working with a PCI-compliant call center might cost slightly more, but it could save money in the long run. While monthly compliance fees are minimal, noncompliance fees imposed by banks can reach $5,000 to $100,000 per incident. There’s also the cost of forensic investigations. However, the most devastating consequence is lost revenue. Research from Gemalto’s Data Breaches and Customer Loyalty 2017 – Report found that 70 percent of customers would stop using a company following an online security breach.
4. Increased Customer Assurance
Even with an overwhelming number of Americans shopping online and over the phone, customers still worry about data security. Gemalto’s consumer survey found that 62 percent of consumers believe businesses are mostly responsible for protecting customers’ personal data, but only 31 percent of respondents feel that companies take this responsibility seriously. Best practices like PCI-DSS compliance go a long way toward allaying customers’ fears and increasing their loyalty. Voluntary security certifications show customers your business deserves their trust.
5. Enhanced Peace of Mind
Compliance isn’t a one-time endeavor. It requires diligence and regular updates. Although most payment processors only require companies to complete an annual self-audit, many providers have their systems tested by independent qualified security assessors. Well-rounded security protocols provide concrete economic benefits. More importantly, working with a PCI-compliant contact center provides peace of mind, which is priceless.
To learn more about our industry certifications or to request a quote, contact Ameridial today. We’re dedicated to securely handling customer data and payment information to protect your reputation.