'Buckle up' with security in eCommerce
Data security may be important for businesses and customers so that there is protection, but Tom Kemp writes on Forbes that businesses should "buckle up with cybersecurity" even more due to tightened regulations.
Kemp said there are recent laws that have gone into effect to make sure companies are following the rules of PCI DSS. Failure to follow PCI compliance can net some serious fines for a business.
"For example, in 2010, a Washington state law went into effect that makes a business or a credit card processor liable for unauthorized access to credit card information it stores," Kemp said. "The key thing with this law is that businesses or processors are not liable if they are PCI DSS compliant, so in effect this further motivates businesses who process credit cards to get compliant."
Kemp said Minnesota and Nevada have similar PCI compliance laws on the books and he believes there are more coming.
PCI Compliance Guide said fines for noncompliance can range from $5,000 to $100,000, as banks will most likely pass the fine down until it hits the merchant. This can be devastating for business, so they should be sure to stay in like with PCI DSS rules.