4 Reasons to Start a PCI Audit Right Now

by Sarah Harvey / July 30th, 2019

Let’s face it: our society is becoming more reliant on cashless payment systems, from payment cards to contactless pay. With this digital focus, the security of cardholder data is top of mind to consumers. In fact, according to Pew Research Center, “41% of Americans have encountered fraudulent charges on their credit cards.” If your business cannot prove that your services are secure, why would consumers choose to do business with you when there are hundreds of others who will protect their cardholder data? Has your business been hesitant to start a PCI audit? Let’s discuss a few reasons why you should stop waiting and start a PCI audit right now.

1. You’re Required To Complete One

The first, and most obvious reason, why you would start a PCI audit is because you are required to. If your business is a merchant, service provider, and/or subservice providers that stores, transmits, or processes cardholder data, including credit, debit, or other payment cards, then you are are required to adhere to the PCI DSS.

When we partner with businesses on their PCI compliance journey, though, we want their intention to be more than just a requirement. We want to partner with businesses that are committed to securing the cardholder data that they are responsible for. When clients start a PCI audit for the very first time, we often hear, “Do we really have to do this? Why do we have to go through this audit? Will we pass or fail? How can PCI compliance actually help our business?” After a few audit cycles, though, the denial and hesitancy are replaced with appreciation and preparedness. If the only reason why you want to start a PCI audit is to check compliance off on a list, we want to help you get out of the checkbox mentality and fully reap the benefits of PCI compliance.

2. Your Brand Depends on It

What are the brands that you use on a daily basis? Where do you shop, eat, or visit? What websites store your cardholder data? If one of the brands you trust had a breach that compromised cardholder data, would you continue entrusting them with yours?

Take Uber, for example. As an app that facilitates 14 million rides each day and stores 91 million users’ cardholder data, it’s crucial to their brand that they demonstrate a high level of due diligence when it comes to data security. Although Uber’s 2016 breach did not compromise cardholder data, the fact that hackers stole other types of personal information (phone numbers, email addresses, names, driver’s license numbers) took a massive toll on the ride-sharing giant’s reputation. If they can’t protect a driver’s license number, how can they protect cardholder data? Even the New York Times pointed out, “The handling of the breach underscores the extent to which Uber executives were willing to go to protect the $70 billion ride-hailing giant’s reputation and business, even at the potential cost of breaking users’ trust and, perhaps more important, state and federal laws.”

Does your brand depend on cardholder data security? Could PCI compliance enhance your brand? That’s just one more reason to start a PCI audit.

3. It Opens Up More Business Opportunities

Do you have a major deal riding on the fact that you’ve agreed to start a PCI audit? We hear this often from clients, especially from startups, that haven’t made PCI compliance a priority, but now a game-changing deal depends up on it. This is a clear reason to start a PCI audit, but the benefits go beyond that single deal.

Once you obtain PCI compliance, it can open up bigger and better business opportunities for you. It can give you a competitive advantage over competitors who haven’t pursued this compliance goal yet. It boosts your loyal customers’ confidence. PCI compliance can be incorporated into sales conversations and marketing plans. Why wait any longer to start a PCI audit?

4. It Helps Secure Cardholder Data

What people, processes, or technology have access to your cardholder data? How many transactions do you facilitate annually? What network segmentation controls do you implement? How many payment applications are in use? What assets could impact the security of your cardholder data environment? These are the types of questions you must think about when considering how you secure cardholder data. Are you doing your due diligence? Or do you need to be tested against the PCI requirements?

Demonstrating your PCI compliance instills trust with your customers, prospects, and business partners. Take the next step in cardholder data security and start a PCI audit.

Need more reasons to start a PCI audit right now? Let our Information Security Specialists convince you. Contact us today.

What is a PCI Compliance Audit?

We’ve compiled these resources to help you learn more about what a PCI Compliance audit is and how you should begin in starting a PCI audit for your business.

More PCI Resources

Beginner’s Guide to PCI Compliance

What Type of Compliance is Right for You?

When Will You See the Benefit of an Audit?