It’s been a good year for hackers, with some of the world’s largest companies  falling victim to cybercrime. And with the hectic holiday shopping season now in full-swing, security experts warn that the number of data breaches could escalate.

Both brick-and-mortar and online businesses are currently processing an extremely high volume of credit and debit card transactions from consumers stocking up on holiday gifts, dining at a favorite restaurant or paying for an overnight stay.  Despite the growing numbers of data breaches, a recent Verizon report reveals that a majority of businesses continue to struggle to comply with payment card security standards, ultimately putting consumers’ confidential information at risk.

Fortunately, there are steps merchants can take to help protect their customers, their sales and their good names. Perhaps the most important is to become PCI compliant or work with a payment vendor who is compliant with the industry’s most current security standards. Other suggestions include:

• Setting clear business policies for your employees regarding the processing of credit/debit and payroll card data. Many security breaches actually happen within an organization, so it is critical that policies are clear to employees.
• Updating your employees regularly with new or different measures being used to ensure PCI compliance. Make sure that your employees are up-to-date with any changes made that affect the security of the data you store or transmit.
• Keeping records of how your business is complying and validating PCI standards. Remember that you will be audited and keeping good records will assure that your company will remain in good standing with the credit card companies.
• Being involved in all IT decisions regarding how your business will comply with the regulations.

There is no “silver bullet” to maintaining a secure system this holiday season, but by ensuring PCI compliance and staying abreast of changing guidelines, merchants can stay a step ahead.

Since 2009, the SPVA has worked to create a common understanding of existing and newly released standards in the world of secure payment solutions. Our member-driven Technical Working Groups are constantly evaluating the latest information to keep stakeholders informed and responsive to what they are reading in the news.

Interested in learning how SPVA can help you? Contact me at 404.803.0636, steven.hughes@spva.org or visit www.SPVA.org.