# Safe and secure payments for customers – what businesses need to know Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-04-01 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Securing Payments Data: The Importance of PCI DSS Compliance Meta Description: Learn about the Payment Card Industry Data Security Standard and the importance of compliance in protecting your business from fraudsters and scammers. URL: https://financedigest.com/safe-and-secure-payments-for-customers-what-businesses-need-to-knowhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd020618-6-1736839074446-compressed.jpg) _By **Pete Bettles**, Chief Operating Office at Global Payments_ The sheer amount of data created and held by businesses is staggering. We create [2.5 quintillion bytes of data](https://www.domo.com/learn/data-never-sleeps-5?aid=ogsm072517_1&sf100871281=1) in one single day alone. It’s not hard to fathom considering every email and website interaction, or payment transaction, is recorded – and when we’re streaming 69,444 hours of Netflix and making 154,200 Skype phone calls a day, it becomes even more understandable. This [trend will only continue to increase as more of our important interactions occur online](https://www.financedigest.com/three-online-fraud-trends-beauty-and-cosmetics-merchants-should-watch-out-for.html "Three Online Fraud Trends Beauty and Cosmetics Merchants Should Watch Out For") – even offline touch-points are now recorded digitally too. When we think about payments data specifically, payments systems processed more than 22 billion transactions in the UK alone in 2017. Whether that was to settle a bill, pay a salary or receive a refund, this amounts to the grand total of around £75 trillion. Those mind-boggling figures [give us another indication of the amount of data](https://www.financedigest.com/how-data-sharing-can-give-brands-confidence.html "How data sharing can give brands confidence") that results from these types of transactions. For businesses, this [presents a growing](https://www.financedigest.com/the-medical-tourism-market-is-estimated-to-substantiate-i-e-grow-at-a-handsome-rate-in-upcoming-years-the-present-day-scenario-implies-the-adoption-of-smarter-ways-to-do-business-as-such-digital.html "The Medical Tourism Market to get filtered through organic digitized growth") concern. Out of all of the data that businesses hold, [payments data](https://www.financedigest.com/understanding-the-realities-of-payment-data-monetisation.html "Understanding the realities of payment data monetisation") is one of the most sensitive and valuable. Therefore, it has become a prime target for fraudsters and scammers. You only have to look back at some of the notable [data breaches](https://www.financedigest.com/amazons-twitch-hit-by-data-breach-due-to-configuration-error.html "Amazon’s Twitch hit by data breach due to configuration error") we’ve seen in recent years to prove the point. It’s therefore incredibly important that organisations have in place the highest levels of security to [protect their business from fraudsters as this threat](https://www.financedigest.com/the-best-ways-to-protect-your-business-from-cyber-threats-in-2021.html "The best ways to protect your business from cyber threats in 2021") continues to grow, and more and more of our important transactions take place online. While there are some simple IT fixes that can be implemented like patching – the process of upgrading computer programmes to [fix known security vulnerabilities and other bugs](https://www.financedigest.com/instagram-fixes-bug-that-triggered-hours-long-outage.html "Instagram fixes bug that triggered hours-long outage") – or using strong passwords, there’s still more that your company can do. But businesses need not fear as there are various initiatives to keep your payments [data safe](https://www.financedigest.com/your-money-is-safe-but-your-data-might-not-be.html "YOUR MONEY IS SAFE, BUT YOUR DATA MIGHT NOT BE"). **Reducing PCI Scope** The [Payment Card](https://www.financedigest.com/can-banks-acquire-customers-with-biometric-payment-cards.html "Can banks acquire customers with biometric payment cards?") Industry Data Security Standard (PCI DSS) is a set of security standards that all companies have to comply with. The aim is to ensure every company that accepts, processes, holds or transmits card [data does so in a safe and secure](https://www.financedigest.com/normalizing-advanced-cloud-data-security-with-normalyze-from-amer-deeba-and-ravi-ithal.html "Normalizing Advanced Cloud Data Security with Normalyze from Amer Deeba and Ravi Ithal") manner. It has 12 specific requirements that fall into six different categories, ranging from the type of firewall configuration your organisation incorporates, updating anti-virus software systems to [restricting physical access](https://www.financedigest.com/russia-blocks-facebook-accusing-it-of-restricting-access-to-russian-media.html "Russia blocks Facebook, accusing it of restricting access to Russian media") to cardholder data. However, even though there have been a number of high profile payments data breaches, [PCI DSS compliance has fallen](https://www.computerweekly.com/news/252449280/PCI-DSS-compliance-falls-despite-security-benefit) among businesses, despite its proven security benefits in protecting payment systems from attacks. In 2017, only 52.4% of organisations [maintained full compliance](https://www.financedigest.com/maintaining-security-and-compliance-amid-digital-transformation-in-financial-services.html "Maintaining Security and Compliance amid Digital Transformation in Financial Services") compared to 55.4% in 2016, illustrating this worrying downward trend. Of course, as every [business owner](https://www.financedigest.com/carbon-zero-what-it-means-for-business-owners.html "Carbon Zero: What it Means for Business Owners") will understand, with a long list of other requirements and regulations to comply with, PCI DSS could well seem like just another piece of red-tape to add to the list. However, it is an increasingly important standard to comply with, because ultimately, it protects your customers’ [data and helps avoid](https://www.financedigest.com/the-race-to-avoid-data-dinosaur-extinction.html "THE RACE TO AVOID DATA DINOSAUR EXTINCTION") the hugely damaging impact a breach and non-compliance could have on your business. One of the best ways to comply with PCI DSS is to reduce or remove the card data that you store and to limit the number of [systems involved](https://www.financedigest.com/tesla-reports-two-new-fatal-crashes-involving-driver-assistance-systems.html "Tesla reports two new fatal crashes involving driver assistance systems") in processing it. By working with a specialist partner, organisations can get advice on how to do this and take [advantage of services](https://www.financedigest.com/integrated-finance-the-advantages-of-using-financial-infrastructure-as-a-service.html "Integrated Finance: the advantages of using financial-infrastructure-as-a-service") and products otherwise not available to them – services and products that consequently help to reduce PCI scope, secure your card data and validate your PCI DSS compliance. **Proactive Fraud Prevention** But the prospect of fraud isn’t a one-off battle unfortunately. [Businesses must](https://www.financedigest.com/a-taxing-issue-ten-tax-invoicing-pitfalls-that-international-businesses-must-avoid.html "A taxing issue: Ten tax invoicing pitfalls that international businesses must avoid") be ready to combat it at all times. Just as a [cyber breach](https://www.financedigest.com/transport-operator-go-ahead-flags-cyber-security-breach.html "Transport operator Go-Ahead flags cyber security breach") isn’t confined to 9-5 working hours, security software shouldn’t be either. Organisations must be looking to solutions that operate around the clock, offering 24/7 support. If businesses operate in more than one region or across different time zones, it is even more important to ensure they are equipped with sophisticated security solutions. Looking to partners that can help keep card data secure at all times will ultimately [build trust between the business and its customers](https://www.financedigest.com/how-do-you-build-customer-loyalty-3-steps-to-follow.html "HOW DO YOU BUILD CUSTOMER LOYALTY? 3 STEPS TO FOLLOW"). Beyond anything else, it’s important to work with those partners that understand the nuances of your sector and also have the experience to provide constant support across industry, size and geography. While keeping up with compliance can feel like a daunting task, [businesses don’t need](https://www.financedigest.com/setting-up-a-business-in-the-uk-heres-what-you-need-to-know.html "Setting up a business in the UK? Here’s what you need to know.") to face it alone. There are a number of partners out there that can help support [companies in their efforts to prevent cyber](https://www.financedigest.com/7-cyber-threats-fintech-companies-should-watch-out-for.html "7 Cyber Threats FinTech Companies Should Watch Out For") breaches – particularly when it comes to payments data. By harnessing the intelligence of experts in payments compliance, businesses can rest assured that their customers’ most valuable [data will be kept safe](https://www.financedigest.com/the-future-of-cloud-how-to-keep-your-data-safe.html "The Future of Cloud: How to Keep Your Data Safe"), freeing them up to concentrate on growth. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---