Today’s business environment is highly regulated and a number of organizations tend to treat compliance as a one-off task. However, this approach can result in extensive use of time and resources to get a regulation, that may end up compromising systems and sensitive data. Just getting the compliance box checked by an auditor is not enough. Organizations must look for ways to improve PCI compliance security through risk strategies.
The payments industry is not new to checkbox compliance. Since non-compliance can be an expensive affair, compliance spending is usually on top of the budgeting. Increased processing fees and credit card penalties can be damaging to the brand’s reputation. Hence it is essential to leverage a holistic, secure and unique payment approach beyond the regular payment card industry (PCI) requirements. It’s time for change and there’s a decision to be made. Merchants can either choose to invest in certain resources, making other business functions vulnerable to breaches, or invest in securing the entire payment lifecycle, thereby securing the whole business.
One of the best practices of cyber security is to leverage the existing PCI compliance foundations and technology investments that will help merchants secure their payment lifecycle. Since existing technology won’t be sustainable in the long run, embracing digital transformation is the key. It is essential to evolve through new applications, loyalty programs and POS endpoints. Proper alignment of compliance and security measures can help:
Once merchants optimize compliance spending and reduce pushing away priority tasks, PCI compliance can become an integral part of security rather than an separately funded and managed entity. This transition from segmented focus on PCI and check-box compliance to the complete focus on the entire payment lifecycle will help strengthen risk-based decision making.
Equipping merchants with PCI compliance and going beyond a checkbox compliance approach will accelerate the move towards a secure operation. Ensure audits and regulatory requirements are passed and met to streamline operations and reduce IT risk for overall security and hassle-free functioning.
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