Geoff Forsyth featured in Total Business Magazine – click here to read the full article.
Who needs to be PCI Compliant?
If your company takes card payments from customers over the phone, you are responsible for keeping that data as safe and secure as possible – not just to protect your customers but to protect your business as well. Contact centres represent the sharp end of communication for many businesses; linking them directly with their customers and representing the brand to the general public. While their importance is clear, they don’t come without downsides, and in 2018 one of the biggest challenges they face are those attached to issues of data security. By their very nature, call centres are brimming with private information and so it is vital to ensure security measures are in place to keep potential hackers at bay.
Why is PCI Compliance so important?
Ultimately, the PCI DSS requirements are designed to combat card fraud by keeping cardholder data safe from hackers and other security breaches, but it’s not just your customers’ safety that is protected. By ensuring your contact centre is PCI DSS compliant, you are also protecting your business – both financially and legally. A single data breach is now estimated to cost a company $3m on average. Not only does this have the potential to negatively affect a company’s reputation, but it also damages confidence in the wider industry. While PCI DSS compliance is not a legal requirement, it does help ensure compliance with the General Data Protection Regulations (GDPR) – protecting you legally should the worst happen.
What could happen if we were found not to be PCI compliant?
If a system is compromised and the company is found not to be PCI DSS compliant, the business could face severe penalties, such as brand damage, lawsuits and legal costs, share price drop, job losses, insurance claims, regulator fines, higher banking fees, and potentially, the loss of ability to accept card payments.
These, coupled with the fraud losses, the cost of replacing cards, loss of customer confidence, and the ensuing decrease in sales can all lead to a company suffering huge financial losses, or even going out of business entirely.
To discuss the benefits of de-scoping your business, get in touch with one of our experts today.