Risks of PCI Non-Compliance
What Happens if You Don’t Achieve PCI Compliance?
Complying with PCI Data Security Standards necessitates an investment of time, money and resources by a PCI entity. PCI compliance requires entities to protect cardholder data during transmission, storage, and processing. Failure to comply with PCI requirements can cause serious financial, legal, and reputation damage for a compromised business.
WHO VERIFIES PCI COMPLIANCE?
There are multiple links in the chain of PCI compliance. Compliance itself is enforced by the 5 major payment card brands (American Express, Discover Financial Services, JCB International, MasterCard, and Visa Inc.). These brands, each with their own compliance programs, require acquirers to submit documentation of compliance.
WHAT ARE THE CONSEQUENCES OF PCI NON-COMPLIANCE?
The worst consequence of all, of course, is compromised cardholder data. This compromise, in the form of data loss or theft, can lead to entities facing loss of business, customer distrust, fines and even legal action.
Financial repercussions may come in any number of forms. Depending on the type, number and duration of infractions, entities may face non-compliance fines of thousands of dollars from acquirers and/or payment card brands. Additionally, an entity may be the recipient of lawsuits, insurance claims or government fines.
If an entity fails to achieve PCI compliance and experiences a breach, it may also damage the relationship and reputation with the entity’s partners, customers, payment processors, and other stakeholders. In fact, the discovery of a breach may lead to the suspension of partnership and the inability to do business with a payment card brand.
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