Whether an organisation uses internal or external resources to assure Payment Card Industry Data Security Standards (PCI DSS) compliance, it will come at a cost.
However, the reality is achieving and maintaining PCI DSS compliance (commonly referred to as simply PCI Compliance) is an investment in the overall security of your organisation. Crucially, its importance mandates compliance for any organisation that accepts payment cards for products or services (or otherwise processes, transmits, or stores card information).
In this article, we share the ways that PCI DSS compliance provides your organisation with a Return On Investment (ROI), and how effective implementation can maximise its value.
Demonstrating PCI DSS Compliance’s ROI – 4 Considerations for Cyber Security Decision Makers
Preventing a data breach
A PCI Pal survey found Australian consumers are hesitant to do business with an organisation that has had a data breach. 43% of Australian consumers will stop buying from an organisation in the months following a data breach. That 43% also includes those who say they will completely avoid any business they suspect has been breached. The reasons are clear: consumers place a high level of trust in organisations to safeguard the sensitive data they give them, and expect this trust to be reciprocated. And whether a data breach causes them a minor inconvenience, or a major financial loss, the organisation has broken the social contract with their customers.
Furthermore, data breaches also cost organisations and their financial institutions dearly. Should a data breach lead to financial losses, customers’ financial institutions may need to repay unrecoverable money, leaving a sour taste in their mouths. Depending on the situation, your organisation might need to cover these expenses, potentially incurring fines and losing card payment processing privileges.
There are legal consequences too. In June 2024, the Australian Information Commissioner filed civil penalty proceedings in the Federal Court against Medibank, relating to its October 2022 data breach. The case laid bare the impacts – both realised and potential – of Medibank customer data falling into the hands of cyber criminals, and held Medibank responsible for any harm done. The message is clear: Organisations have a responsibility to protect their customers’ data. If they don’t, they can expect costly legal action taken against them – much like that when a customer experiences physical harm resulting from workplace health and safety hazards while in the retailer’s physical store.
The fallout from a data breach – in both costs and lost revenue – far exceeds the cost of taking security measures that prevent one, such as PCI Compliance.
Enhancing reputation and consumer confidence
With high-profile data breaches, such as the Medibank breach referenced above, make headline news, there is an awareness of the importance of data security among consumers, whenever they may shop (online and in store)
The current concerns mirror those of the early days of e-commerce. In the 2000s, consumers were hesitant to use their card details online because of the lack of security protocols protecting their data. However, the adoption, and eventual mandating, of PCI DSS meant e-commerce transactions became just as, if not more secure, than a face-to-face equivalent.
PCI Compliance was the solution then, and it’s the solution now. A data breach, especially one that makes headlines, is more likely if your organisation isn’t compliant, damaging consumer trust.
As public awareness campaigns around cyber security ramp up, demonstrating PCI Compliance will remove a critical hurdle for prospective costumes, giving them confidence to do business with you.
Operational efficiency
If you own a physical store and have a high risk of theft, you don’t need a legal mandate to know that implementing a security system is a good idea. It’s the same with cyber security. Many of the crucial aspects of PCI compliance – such as strong password policies and regular software updates – are, of course, cyber security measures that your organisation is already doing (or at least should do).
PCI Compliance measures outline and systemise the measures critical to protecting cardholder data. So, following PCI DSS guidelines will make adhering to these cyber security best practices more efficient, while also bringing peace of mind that you’re doing everything possible to safeguard payment data.
Optimising your compliance measures
While you shouldn’t consider PCI compliance as an annoying audit expense, that doesn’t mean you shouldn’t be looking to get the most bang for your buck.
Achieving PCI compliance is challenging, especially when implementing its principles within your organisation. Every organisation is different and therefore has a unique set of security requirements. That’s why without the right expertise, PCI compliance can be more expensive than it needs to be. When an organisation is on the path to achieving PCI compliance, it can be tempting to throw resources at every defence, for fear of missing a tiny detail that creates a vulnerability.
Stratica are on a mission to help organisations maximise the efficiency of PCI Compliance. In addition to identifying risks and vulnerabilities, our security reviews often return recommendations on how an organisation can reduce their spending in a certain area while maintaining or improving their security posture. We also understand the continuing cost pressures placed on organisations. That’s why we commit to working with our clients to provide our services via payment plans that best meet their budgetary and cash flow requirements.
To book a security review, get in contact with our expert team.