PCI Compliance for the Utilities Industry
It would appear the utilities industry has a hard time when it comes to data security. PCI compliance solutions can help it.
Expensive Breaches in the Energy Sector
IBM’s latest data breach report shows that, as of 2020, the energy sector’s average cost of a data breach was an eye-watering $6.39m. This is well above the calculated global average of $3.86m. As a result, the industry ranks second out the 17 industries surveyed in terms of average cost.
It’s a figure high enough to give the chills to energy CEOs across the globe.
This calculation accounts for the fines and financial losses a firm would face in the short term as a result of its customers’ data being compromised. Looking longer term, the damaging financial effects could continue for years to follow.
Consumer Sentiments are Wary
Consider, for example, PCI Pal research findings. These show 41% of UK consumers and 21% of US consumers would never return to a business that suffered a data breach.
In our global research, the utilities industry appeared in the top five ‘least secure industries’ when it came to data security for consumers in Australia, North America, the United Kingdom and Mainland Europe. This gives a stark warning for utility companies worldwide to move data security up their agendas.
Beward a Bad Rep
The utilities industry offers a highly competitive market with a wide choice of suppliers. Carrying a bad rep for unsecure data practices is enough to lose the data security-conscious consumer of 2020 to another provider altogether.
Mitigate Risks with Improved Security
To improve security and mitigate these risks and damages, it is important for businesses to process their Cardholder Not Present (CNP) payments securely. The best course of action for this is to avoid bringing their environments into scope of PCI DSS and other data security rules and regulations.
PCI Pal helps utility companies do just that. Learn how UK-based water supplier Pennon Water improved staff morale and customer satisfaction while delivering on its commitment to process payments in a secure and compliant way.
Then, contact us to discuss how we can support your utilities organization.