If you’re a business accepting payments online or otherwise through credit/debit cards, the probability that you know and understand about PCI Compliance and the fees associated with it should be very high. You might be therefore wondering how you could actually reduce the PCI compliance related fees. This article serves the purpose for you. In case you are wondering what it means, and how does it affect your business, just read on.
So the story goes like this: the major players in the credit card market namely Master Card, Visa, and American Express have created a cartel to reduce the overall credit card data loss. PCI or Payment Card Industry Data Security Standards are a set of obligations which the companies have to follow if they want to make use of the platforms provided by these companies for enabling card-related payments. Even though the council has not legal authority, the businesses hardly have any other choice but to comply with the standards. The council in its defence cites the reason of millions of hacking attempts made on the secured servers, and for mitigating the risks; the compliance procedure is a necessity.
So irrespective of whether your business is operating online or not, PCI Compliance Fees is a real expense. You might be wondering if there are any ways to which the fees could be controlled or reduced. As a matter of fact, there are a few ways to which the cost could be controlled significantly. The points are as follows:
When the software or the operating system used in your business is outdated, the whole system becomes vulnerable to external attacks. If the time gap between updates is long enough, like a year, the security team or your enterprise or a third-party vendor would be burdened with the herculean task of managing the extra workload.
This means that constant updates should be an integral part of the management practices. In absence of latest updates, the overall technology and staffing costs will increase. Towards the end of the period, you will not be required to pay the extra bit of fees if the updates are regular.
Security training is one of the most crucial aspects in PCI Compliance. The development team of your enterprise should take account of application security training in order to make them aware of the latest trends in coding and reduction of vulnerabilities. The trainings could be conducted by vendors like ProcessVenue that helps the employees in understanding the importance of PCI Compliance.
The training process will help the developers in learning defensive techniques for coding which will further result in the reduction of remediation costs. Since the costs rise up to huge levels if left unattended for a long period of time, it is important to make the developers aware of the procedures in advance.
There are a number of compliances which could cause real trouble for the organizations in the long-run. In order to streamline the monitoring process, it will be crucial for the management to take account of compliance-specific security courses. It will help the employees in understanding the most crucial risks which the organization has been facing in regards to PCI compliance. This will help in ensuring that the company does not need systems compliance audit, and eventually, that will result in saving the costs for the business. This also results in the transformation of the internal culture of the organization thereby making the stakeholders more conscious about the compliances.
This will help in ensuring that the company does not need systems compliance audit, and eventually, that will result in saving the costs for the business. This also results in the transformation of the internal culture of the organization thereby making the stakeholders more conscious about the compliances.
This will help in ensuring that the company does not need systems compliance audit, and eventually, that will result in saving the costs for the business. This also results in the transformation of the internal culture of the organization thereby making the stakeholders more conscious about the compliances.
In general management terms, it is important to make the learning process as a pervasive management function. Irrespective of whatever levels a business organization might have reached, the importance of learning never stops. Especially when it comes to security-related issues, the continuous learning process becomes even more important. The threats and vulnerabilities are created with every day, and a large number of attackers try to hack in the systems due to the amount of money included. It is, therefore, the responsibility of your organization to be aware of the latest trends in PCI compliances and requirements.
Image Credit – www.pcisecuritystandards.org
The biggest cost related to PCI compliance is the failure to adhere to the standards. This is where the organization will have to go for reassessment process, thereby putting an extra bit of pressure on the financial resources of the business. The systems audit will be expensive and will also disrupt the scheduled deliveries of the company.
It is, therefore, the responsibility of your organization to be aware of the latest trends in PCI compliances and requirements. The biggest cost related to PCI compliance is the failure to adhere to the standards. This is where the organization will have to go for reassessment process, thereby putting an extra bit of pressure on the financial resources of the business. The systems audit will be expensive and will also disrupt the scheduled deliveries of the company.
PCI Compliance is a necessity for modern businesses. Process Venue could help you in training the employees with latest updates in PCI compliance mechanism.
Do you have your story related to PCI Compliance? Share your experiences via the comments section and do not forget to share the article on social network.
You can reach us at +91-9610754668 | info[at]processvenue.com to streamline PCI Compliance for your company.
