Payment Security Myths You Need To Stop Believing
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As a business owner, whether you are a one-man band or you run a large nationwide company, one thing you need to be concerned about is cyber security. A lot of people have the “it won’t happen to me attitude” – and this is an extremely risky attitude to have. In fact, it can land you in a whole world of trouble. With that being said, continue reading to discover more about some of the most common payment security myths you need to stop believing.
Myth #1
“I run a small business so I am not a target”
This is one of the biggest and most worrying myths out there. Just because you run a small business does not mean that you are not going to be a target. In fact, even if you are a sole trader, you are a target. If you take payment from customers, hackers are going to want the information you have. Yes, large companies can be more lucrative. Nevertheless, small companies and sole traders are often viewed as an easy payday. Everyone is a target, especially those that do not have sophisticated cyber security systems in place.
Myth #2
“If you outsource payment processing, security is not your problem”
Again, another incredibly risky myth to believe! Just because you are outsourcing payment processing, you still need to be concerned with security – it is still your responsibility and priority. Even if you employ a call centre that is involved in taking credit card payments over the phone, you need to make sure they are using secure methods and systems to do so. This involves complying with PCI DSS to ensure you are doing everything that is expected of you.
Myth #3
“We do not need to do anything because our PoS Terminal is PCI-approved”
While it is your responsibility to make sure your PoS terminal is PCI-approved, this does not mean you are absolved of all other demands in regards to payment security. You still need to make sure that you handle critical data correctly. There are still plenty of other payment security standards you need to adhere to.
Myth #4
“Implementing payment security is too expensive”
Is it going to cost you money? Yes, of course! Is it expensive? No! Not when you consider it in real terms anyway. The cost of putting the right security measures in place is a lot lower when compared to the expense of non-compliance and a potential security breach. Costs are monumental, ranging from fines and fraud losses to the cost of repairing your reputation. When you look at it like this, payment security really isn’t expensive.
So there you have it: some of the most common payment security myths that you need to stop believing if you are going to effectively protect your customers’ critical data, and consequently your business’ reputation. The importance of this simply cannot be ignored. Everyone is a target, and the sooner you realise this, the better!
*This is a collaborative post.
