Businesses increasingly pressured to reach PCI compliance

Businesses increasingly pressured to reach PCI compliance

With an increasing number of data breaches in among businesses and in the credit card industry, companies are now being pressured more so than ever to demonstrate compliance with the PCI Data Security Standards.

According to IT experts, acquirers and card brands have increasingly urged any business that processes, transmits or stores payment card data to adhere to the industry standards. While PCI compliance is not a government regulation, card brands have the authority to mandate penalties and sanctions.

A recent Verizon survey revealed that 79 percent of businesses are not fully compliant compliant and 90 percent of organizations that experienced a data breach had failed to follow the standard.

"Most of the challenge in implementing PCI lies in the technical and administrative aspects of the standard," said Alan Calder, an IT expert.

According to the PCI Security Standards Council, compliance allows businesses to secure their system, increase customer trust, improve their reputation with payment brands and prevent data breaches. Non-compliance can cost companies millions, while possibly bringing lawsuits, insurance claims, payment card insurance fines and government fines.

Businesses can gain information regarding PCI compliance from the council's website, or hire professional services to asses their PCI DSS issues.