Why should You Do A PCI DSS Assessment Of Your Business?

PCI DSS Assessment

If you are a business that transmits, processes or stores cardholder data or sensitive authentication data then you need to be PCI DSS compliant. PCI DSS is a set of information security standards set by PCI SSC.

PCI DSS stands for Payment Card Industry Data Security Standards. The standard is administered by Payment Card Industry Security Standards Council (PCI SSC). If your business is PCI DSS compliant then there will be reduced risk of data breaches. You can show your business has a PCI DSS stature and this will help to build the reputation of the business.

Having this compliance will showcase your business as committed to protecting the customer data and this will help to improve the customer relationships. Depending on your transaction volume you will have to do PCI DSS assessment quarterly or annually.

What is the PCI DSS standard?

The standard provides the policies, procedures, software design, network architecture, security requirements and other protective standards. It makes sure that the businesses meet the minimum security standard while handling sensitive cardholder data. This standard is applicable to all sizes of businesses. There are 12 standards set by the PCI SSC which are organized in six logical groups.

The processes involved in PCI DSS compliance are defining the scope, gap assessment, security check, data discovery scans, remediation support and PCI DSS assessment and certification.

The Report of Compliance (ROC), Attestation of Compliance (AOC) and Certification of Compliance (COC) are given to the clients.

Benefits of PCI DSS compliance

It helps to reduce the risk of data breaches and helps to close any loophole in the cardholder data environment with respect to the sensitive data.

As your business is secure from any attacks it will lead to growth in your business. The customer will trust your business.

You will be able to avoid costly fines which one has to pay in case of a data breach incident. Being compliant will help you to build a reputation with the clients. It will lead to customer satisfaction and retention.

A PCI DSS compliant business can reduce the risk of data breaches and thus improve the customer relationships.