As data breaches increase every year, it becomes necessary for companies and customers to perform due diligence to ensure that they are not enabling or supporting cybercriminal activities. maintaining and meeting PCI compliance standards benefits an organization in many ways. First, an organization gets better education and equipment which have strong data security foundation because all the loopholes are identified. The PCI compliance also ensures that best practices are learned to make the organization not the easy target for cybercriminals. It also acts as a way of showing how a company is committed to protecting customers from identity theft and fraud. On top of that, having PCI compliance is a way of showing how an organization is committed to protecting its assets, reputation, and brand. Having PCI compliance means that there are minimum risks to cardholder’s data thus ensuring there is trust when operating.
Companies which do not comply with the PCI requirements or standards are prone to identity theft and data theft which might affect trust with their clients. Companies which do not comply are more prone to remote-access attacks, malware threats, and even social engineering issues which might affect confidence and service delivery to the customers. There is no customer who would be willing to go to a company where credit card information can be stolen easily. Failing to comply with PCI requirements makes it easy for hackers to access personal information which in turn reduces trust form customers. An organization which does not comply with PCI can experience lack of customer trust which might affect their profits due to the high cost of settling legal claims when a data breach occurs. The financial liabilities such as fines and penalties can be expensive for a business thus affecting its performance as a lot of funds have to be used to cater for that. Therefore, failing to comply with PCI can lead to huge financial losses in a company because it may affect its reputation and other legal liabilities.
The first countermeasure which a business should be in place is the creation and maintaining a secure network and system. the other countermeasure is creating information security policies like coming up with passwords, access control lists, network intrusion systems, host-based firewalls, and even data encryption. These extra security layers can help in preventing unnecessary access to the customer’s card’s data. The other countermeasures include monitoring and testing networks and systems regularly, having a vulnerability management program, and also coming up with a strong access and control measures to make it hard for outside parties to access organizations private data without consent. Cardholder access should only be limited to need-to-know so that only the rightful owner can access it. Anti-virus software should be updated constantly to limit the chances of a security breach. With these control measures, the implementation of PCI DSS can be effective thus securing cardholder’s data.
First, I would recommend building and maintaining a secure network to make it hard for an intruder to jam the communication path between the cardholder and the company. The process should include the adoption of firewalls and passwords to mitigate and prevent any form of attacks. The other remedy would be ensuring there are regular monitoring and tests in the network to ensure that any possible security breach is identified. I would also recommend various methods of protecting cardholder data like the use of passwords to prevent any unauthorized access. Ensuring there is a secure network would prevent any denial-of-service attack thus ensuring that data in cards are secured. Encrypting cardholder data by using a mechanism such as SSL can reduce threats against any external attacks.
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