In the business landscape, few trends have had as big an impact as the rise of the internet. Aside from the ability to connect with customers, the internet also opens up a new sales platform for merchants. However, it can create a number of challenges that companies may not be aware of.
A recent article from Business News Daily examined several of these areas, all of which revolve around security measures. The piece points out that even though the customer may not be standing in the same room, businesses must keep customer data secure as per PCI Data Security Standards.
This means companies need to focus on both simple things like checking billing and shipping addresses, as well as ensuring that they understand PCI compliance requirements and meet them. If there is a problem here, ignorance of your abilities will not hold up in the eyes of your customers.
"Safeguarding transactions has become critically important due to the massive growth in fraud, cyber crime and other threats. In addition, mobile money transfers have added a new level of risk to making transactions," Jan Lewis, the Managing Director of iEnter said in a recent interview with ITWeb. "Over the past five years, the PCI-DSS framework has evolved from being guidelines without enforceable sanctions, to a 'must-have' certification for those in the business of manipulating, storing or transmitting cardholder data."
If your company fails to meet PCI compliance requirements, the results can be devastating. Bush said that your company can not only lose revenue, it can be fined as well. Target may be able to survive its recent data security troubles, but most small business can't. It's a one and done situation.