The untapped business value of PCI DSS compliance

The untapped business value of PCI DSS compliance

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6 Nov 2024

• Blog
• The untapped business value of PCI DSS compliance

Why businesses should view it as an opportunity rather than simply a cost

For many businesses, Payment Card Industry Data Security Standard (PCI DSS) compliance is viewed as a costly regulatory burden, one that doesn't seem to offer much in the way of immediate returns. This misconception often leads to either minimal compliance measures or outright neglect of PCI standards, particularly in regions where enforcement is less stringent. However, reframing PCI compliance from a necessary cost to a strategic advantage reveals its untapped potential to not only mitigate risk but also to enhance customer experience, reduce operational costs and build stronger brand credibility.

In this post, I'll explore why PCI compliance is more critical than ever in today's business environment and how achieving it - or, even better, descoping your business entirely from PCI obligations through solutions such as Echok's CallGuard and ChatGuard can offer a distinct competitive edge.

The compliance mindset: a widespread challenge

The path to true PCI compliance is often obstructed by a pervasive "squeak by" mindset, where organizations adopt minimal measures like clean rooms, IVR payments, or "pause and resume" strategies to avoid direct card data handling. While these workarounds may seem sufficient on the surface, they often leave organizations exposed to substantial security risks - it's important to remember that being compliant is not the same as being secure.

This is particularly pronounced with the rise of remote work environments, where employees handling sensitive data work from home without the stringent security protocols that traditional office environments offer. Such setups increase the risk of data exposure, as companies often lack visibility into their remote agents' physical environments.

I talked recently with a former PCI compliance manager at a major U.S. insurance provider who observed that the primary challenge here isn't lack of awareness but rather prioritization. In the United States, where PCI compliance is largely enforced by the credit card companies themselves, companies frequently view PCI as optional, unlike stricter data protection regulations such as HIPAA for healthcare. Shifting this mindset requires demonstrating that PCI compliance isn't just about meeting regulatory demands; it's a business investment that directly benefits companies, their customers, and their employees.

Why PCI compliance is a business advantage

1. Enhanced security in a world of increasing breaches

While businesses may feel that PCI compliance is excessive, the reality is that data breaches are becoming more frequent and costly. Organizations that consider a lack of PCI DSS compliance to be a "calculated risk" are making a big mistake. Recent research shows that over half of organizations have experienced a breach, so it's not a question of if an organization will experience a breach, it's a question of when.

Non-compliance with PCI standards exposes organizations to substantial risk. When breached, companies face substantial fines along with significant brand damage and lost customer trust, the costs of which are impossible to quantify. Conversely, achieving PCI compliance, or better yet, descoping from PCI obligations entirely through solutions like CallGuard and ChatGuard, minimizes these risks by securing payment data. By entirely removing sensitive card data from your environment, solutions like these can transform PCI compliance from a mandatory cost to a proactive security measure.

2. Reduced costs in insurance and compliance

PCI compliance can lead to lower premiums on cybersecurity insurance. When businesses fully comply-or better yet, descope from PCI obligations by not handling sensitive data-insurers recognize a reduced risk profile. This not only makes compliance financially beneficial but also simplifies operational processes, reducing the need for ongoing audits, which are often time-consuming and expensive. Solutions like Eckoh's allow businesses to safely manage payment data while keeping sensitive information out of reach from both employees and potential bad actors, which translates to significant insurance savings over time.

3. Improved customer trust and satisfaction

In an era where cybersecurity concerns are top-of-mind, customers appreciate and increasingly expect businesses to take their data protection seriously. Indeed, our own research shows that 89% of consumers feel that organizations need to take steps to ensure that their payment card data is secure. Companies that decide to opt out of stringent PCI measures may feel they're taking a "calculated risk." However, the broader picture reveals a different story: customers are increasingly wary of sharing sensitive information over the phone and appreciate secure, automated options. An omnichannel solution like Eckoh allows customers to make payments through their preferred channel securely.

By adopting PCI-compliant practices that ensure card data is safe, businesses not only protect themselves but also build trust with their customers - driving loyalty and retention in the long run. Businesses offering a safe, streamlined payment experience tend to see improved customer satisfaction scores, reinforcing PCI compliance as a key differentiator in a competitive market.

4. Increased employee confidence and efficiency

PCI compliance isn't only about customer security; it also impacts the employees handling customer data. I recently spoke to a contact center agent when I had occasion to interact with one of Eckoh's clients in a personal capacity. At the end of the call I asked her how she felt about using Call Guard to take payments. She told me that the fact that payment information is being collected securely and sensitive data is entirely out of reach means that she and her co-workers feel much more confident in their roles, knowing they are not at risk of exposure to sensitive data. We know from other clients that this then leads to improved employee satisfaction scores, as agents appreciate the reduced risk associated with their work and feel more empowered to focus on customer service without the burden of potential security breaches. Improved employee satisfaction reduces staff turnover costs.

Solutions like Eckoh, which facilitate secure data collection without direct human involvement, have reported positive feedback from agents who find it both simpler and safer. With such systems, call handling times are faster, the margin for error is reduced, and agents can deliver more efficient service-all of which enhance overall operational productivity and lower costs, with a direct positive impact on the organization's bottom line.

Creating urgency: PCI compliance as a competitive advantage

While a "wait and see" approach is common, companies that ignore PCI compliance risk long-term repercussions. Companies that decide to gamble on minimal compliance measures may feel they're saving costs; however, the reputational damage, customer attrition and potential fines following a data breach will far outweigh those perceived savings. And it's not just a question of removing the cost of a theoretical breach. Solutions like CallGuard also deliver real world, concrete cost savings in the form of reduced call handling times, fewer declined payments, lower insurance premiums, lower auditing costs and heightened customer trust, all of which means that PCI compliance should really be seen as an investment, rather than an expense.

Final thoughts: a call to action for CISOs and business leaders

For chief information security officers (CISOs) and business leaders, the imperative is clear: treat PCI compliance as a cornerstone of a strong security strategy. This approach not only protects the organization but also enhances customer experience, reduces insurance costs and provides measurable operational benefits. The business world has a "cybersecurity gap" around PCI compliance, but forward-thinking leaders who recognize the value of fully compliant or fully descoped solutions can use this as a strategic advantage.

PCI compliance isn't just a checkbox to mark off; it's a multi-faceted tool for operational security, brand trust, and business resilience. Leaders who view it this way - and communicate it as such - position their businesses as trustworthy, forward-thinking, and ready for a secure digital future.

Tyler O'Brian

SVP Sales and Partnerships

Ready to turn PCI compliance into a strategic advantage? Don't just meet the standards-leverage them to enhance security, reduce costs, and strengthen customer confidence. Speak with us today to learn how we can transform your business, helping you to create a secure, trusted brand.