Week 2Z Compliance with Laws and Regulations
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Prince George's Community College, Largo *
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Course
413
Subject
Information Systems
Date
Nov 24, 2024
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docx
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1
Uploaded by seth7up.sf
CSIA 413 Week 2 Discussion: Compliance with Laws and Regulations
The Payment Card Industry Data Security Standard (PCI-DSS) can be described as security standards that apply to all entities that store, process, and/or transmit cardholder data. It covers all aspects of electronic purchases using mobile banking means. Each company who decides to partake in the e-Commerce must be compliant to PCI-DSS. This standard exists for the protection of customer data and risk mitigation on the electronic purchasing platform (PCI Security Standards Council, 2023). It’s recommended to adopt these practices in order to become compliant with industry standards and regulations so Red Clay can utilize the e-Commerce market. This precedence was set by the PCI Security Standards Council (PCI-SSC), while the PCI-SSC has no legal authority to compel governance, it is
a requirement for any business that processes credit or debit card transactions. PCI certification is also considered the best way to protect sensitive data and information, thereby assisting businesses with building long lasting and trusting relationships with their respective customers.
The company’s relationship with customers will grow exceptionally in a positive nature due to customers’ information and data being protected from cyber-attackers while using Red Clay’s E-Commerce solutions. In the world of business, customer trust is a paramount for success. Building and maintaining trust with the business’s customer base is imperative to any business strategy. The importance of customer trust cannot be forgotten, as it plays a critical role in increasing customer loyalty, positive customer reviews and testimonials, and ultimately, increasing revenue (Imperva, 2023).
The number of risks associated with being uncompliant is astronomical. Non-compliance can result in fines, increased transaction fees, and potential legal action in the event of a data breach. Incompliance with PCI-DSS regulations can also result in reputational loss impacting the business. In the worst-case scenario, non-compliance can even cost a business its license to process credit cards (Sahoo, 2022). If Red Clay continues to be in the E-
Commerce market it’s imperative to adopt these rules and regulations to flourish and create many business opportunities.
References
Imperva. (2023, March 14). What is PCI DSS: Compliance levels, Certification & Requirements
. Learning Center. https://www.imperva.com/learn/data-security/pci-dss-certification/
PCI Security Standards Council. (2023, January 30). Merchant Resources
. PCI Security Standards Council. Retrieved August 26, 2023, from https://www.pcisecuritystandards.org/merchants/
Sahoo, N. (2022, July 21). PCI DSS Fines & Penalties Explained
. Linked In. https://www.linkedin.com/pulse/pci-dss-
fines-penalties-explained-narendra-sahoo-1f
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