Failing To Follow Pci Compliance Case Study
The Consequences of Failing to Follow PCI Compliance
Summary
Sometimes, not knowing certain things could be more comfortable than knowing it. But, not in all cases. For instance, a lot of people, still, never really consider or are unaware what a credit/debit fraud could do to them. Despite high-end data breaches, consumers still display ignorance over card frauds until they receive a call from the card issuer.
For example, put yourself in a scenario where you learn that your credit/debit card information has been compromised via a purchase you made few week back. But instead of buy expensive items, the hacker bought several small items. The logic here is that the criminal wants to check if you caught on the robbery before buying big money …show more content…
But sometimes companies do fail to adhere to the standards leading to serious issues than just petty irritations. If cyber criminals can steal thousands from an individual, they can steal millions from a firm.
Reasons Why Companies Fail in PCI
Network Configuration
Companies need a strong architecture to protect user data. It is essential to have access control lists (ACL) on all network devices to avoid data breaches by cyber criminals.
A secondary level of control ensuring the connections to internal sources are valid and access is authorized should be present.
Encrypting Data
Card transactions move constantly from one source to another for processing making them an enticing target for hackers.
For this very reason PCI focuses on strong encryption for credit/debit data in transit. The council expects strong levels of encryption from companies to know the level of commitment the firm has toward securing user data.
Protocols and …show more content…
That is cost to investigation , to know what had actually happened, enhancing the security structure, fire and recruit employees, and fixing the internal information security environ.
Financial Loss
Bad news is never good for any business. The moment your customers know that you have been hacked, they will try to leave you as soon as possible.
They will also leave trails of dust to get away from you as seen in the case of the Target data breach.
The retailers profits slumped down by $440 million in the fiscal fourth quarter following the massive hack.
Since then, many customers have refrained from shopping on Target's website.
Reputation Goes Tatters
If loss of revenue causes financial headache, damaged reputation ruins a business for all eternity.
Take any data breaches of recent times, Home Depot, Target, Neiman Marcus, or Kmart, Google it. You will get more than half million results none of which will improve the retailer's standing and reputation with their target market.
Damaged reputation cannot be fixed completely. At the maximum, it can be made better with hours and hours of marketing, public relation, and reputation
Summary
Sometimes, not knowing certain things could be more comfortable than knowing it. But, not in all cases. For instance, a lot of people, still, never really consider or are unaware what a credit/debit fraud could do to them. Despite high-end data breaches, consumers still display ignorance over card frauds until they receive a call from the card issuer.
For example, put yourself in a scenario where you learn that your credit/debit card information has been compromised via a purchase you made few week back. But instead of buy expensive items, the hacker bought several small items. The logic here is that the criminal wants to check if you caught on the robbery before buying big money …show more content…
But sometimes companies do fail to adhere to the standards leading to serious issues than just petty irritations. If cyber criminals can steal thousands from an individual, they can steal millions from a firm.
Reasons Why Companies Fail in PCI
Network Configuration
Companies need a strong architecture to protect user data. It is essential to have access control lists (ACL) on all network devices to avoid data breaches by cyber criminals.
A secondary level of control ensuring the connections to internal sources are valid and access is authorized should be present.
Encrypting Data
Card transactions move constantly from one source to another for processing making them an enticing target for hackers.
For this very reason PCI focuses on strong encryption for credit/debit data in transit. The council expects strong levels of encryption from companies to know the level of commitment the firm has toward securing user data.
Protocols and …show more content…
That is cost to investigation , to know what had actually happened, enhancing the security structure, fire and recruit employees, and fixing the internal information security environ.
Financial Loss
Bad news is never good for any business. The moment your customers know that you have been hacked, they will try to leave you as soon as possible.
They will also leave trails of dust to get away from you as seen in the case of the Target data breach.
The retailers profits slumped down by $440 million in the fiscal fourth quarter following the massive hack.
Since then, many customers have refrained from shopping on Target's website.
Reputation Goes Tatters
If loss of revenue causes financial headache, damaged reputation ruins a business for all eternity.
Take any data breaches of recent times, Home Depot, Target, Neiman Marcus, or Kmart, Google it. You will get more than half million results none of which will improve the retailer's standing and reputation with their target market.
Damaged reputation cannot be fixed completely. At the maximum, it can be made better with hours and hours of marketing, public relation, and reputation