In the United States, National Get to Know Your Customers Day is observed annually on the third Thursday in every quarter. This quarter, it fell on July 19 and to celebrate, we took the opportunity to reach out to our global customer base to learn more about them, their concerns around consumer financial data security, and what led them to working with us here at PCI Pal.
48% of the customers we spoke to operate in the retail space. As retail hacks and security breaches become more common, it comes as no surprise that brands are spending more time and effort than ever looking for solutions to help prevent them from becoming the next headline.
Understandably, consumer data security is not just the concern of brands, but also governments tasked with helping to protect their citizens. To try to counter the increase in hacks, the EU’s GDPR went into effect in May and outlines steep penalties for companies that don’t comply with safety precautions. The US followed suit and California passed its own version of the GDPR law last month in response to the overwhelming consumer concern for how businesses protect their personal information. With these new laws imposing harsh consequences on business who compromise personal information, our survey also found that customers are most worried about damage to reputation (64%) and the fines they will bear (56%) if they suffer a breach or loss of data.
In terms of security concerns, malware (32%) and network hacking (32%) topped the list for the survey respondents, followed closely by phishing (28%) and ransomware (24%). Given that both hacking and malware top the list of tactics used by nefarious players (as noted in Verizon’s 2018 Data Breach Investigation Report), the concerns mentioned earlier are 100% justified. With this information in hand, the result is quite clear: protecting customer card information is more important than ever.
Before working with PCI Pal and descoping their contact centers, our clients reported that compliance to PCI DSS was generally managed internally by one person in the IT department spending nearly 10% of their monthly time on the task, often involving other departments such as finance and legal. Therefore descoping their contact center environment has saved these organizations around 16 hours per month. In addition to the time saved managing PCI Compliance internally our survey revealed a reduction in some core contact center performance metrics. 75% of respondents reported up to a 25% decrease in AHT (Average Handling Time) with the average decrease reported being 17%. With all that’s at stake- fines, reputation, customer growth, and the overall health of the business, to name a few and the potential benefits of time-savings and decreasing key contact center metrics – it’s time to contact PCI Pal to find out the additional benefits of descoping your organization from the requirements of PCI DSS.
To discuss how PCI Pal can assist you with your PCI compliance journey, click here.