On 30 June, data security standards set by the Payment Card Industry (PCI) became mandatory for organisations that handle online credit card payments. This is a significant milestone in the ongoing push to strengthen online security as these important standards have moved from recommendations to hard and fast mandates.
This new era of Web security will have a tangible impact on retailers who will quickly learn how failure to comply with PCI's standards can be costly - from both a financial and operational perspective. In addition to the hefty fines levied by the card associations, retailers make themselves more susceptible to the potentially disastrous effects of compromised security such as financial and customer losses and damaging effects on brand reputation.
The latest PCI mandate is an impetus for retailers not only to meet these particular requirements, but also to take a second look at their overall security practices and make sure they measure up. Investing appropriately in security now could mean less payout down the road.
