Our journey through PCI Pal’s A Compliance Carol is coming to a close as you, Mr Ebenezer Scrooge, receive a visit from the final Ghost… The Ghost of Compliance Future. You’re shown a glimpse into what we can anticipate in the years ahead, be sure to take heed and amend your non-compliant ways:
The decade has changed, and a new era has begun, more and more digital transactions are happening. The ubiquity of smart devices, combining phone, eWallet and eCommerce, means customers can easily mix communication channels for purchases, creating a seamless experience and journey.
Gen Z is expressing its full purchasing power, contact centres have had to evolve to accommodate their preferences. The proliferation of Chatbots and other forms of messaging are now the norm in interacting with brands. Recent research from showed that over 70% of 18-34 year olds are interested in using chatbots and other forms of messaging to interact with brands.
In the future’s always-on world, with more and more transactions happening digitally, the threats from hackers are evolving at a swift pace; this is unlikely to ever change – however the sophistication of technology, combined with compliance rules is helping to keep organisations one step ahead of hackers. Consumers are becoming ever more aware of keeping their personal data secure, and this too is helping to reduce incidences of frauds from occurring. will stop spending with a brand for several months following a breach, while perhaps even more significantly, a further 41% said they will never return to a business post-breach – in the future these levels of consumer awareness are set to increase.
The Ghost of Compliance Future points a bony, spooky finger west to see that the has been introduced giving consumers more rights relating to how their personal data is collected, used and shared, with greater rights on preventing businesses from selling their data to third parties. More and more US states are looking to enacting similar data privacy regulations to protect customers, and we expect to see similar regulations around the world in response to increased data privacy concerns.
In the future, consumers appear to have far more influence than ever on how, when, why or where their data is used. Couple this with the latest version of the PCI Security Standards Data Security Standards – version 4.0 being released relating to enhanced authentication, broader encryption, advanced monitoring and critical control testing frequency methods.
This brings us to the end of our Compliance Carol, you are in the time of your own and your compliance strategy is your own! You, Mr. Scrooge, agree to swear an oath to the Ghost of Compliance yet to come and put compliance at the top of your agenda, making security job zero to avoid further visits from the three spirits!
We hope you have enjoyed our Christmas themed blogs and . To make 2020 your most compliant year yet contact us today.