Verizon has just put out a new report on businesses that accept credit cards as a form of payment, and their compliance with the law. It seems that only an abysmal 50% of retailers were in compliance with the law when it comes to protecting your financial information and identity. Some industries were higher, but even the pack leaders (IT services) were only at 61% compliance.
The short story is that if your accept credit cards at your small business (or even your large business!) you need to take a long, hard look at PCI compliance. There are a multitude of ways that a client's financial information can be compromised, from physical theft to the digital travel between your keyboard/swiper and your software to simply what happens if your company stores a client's credit card info for recurring billing. And the encouraging news was that a strong link was shown between PCI compliance, and a company's security against hackers and thieves. These compliance regulations appear to really be helping keep your clients safe.
For a conversation on some clean banking basics, please catch our latest edition of Ask DataCorps Live right here:
