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UNDERSTANDING PCI COMPLIANCE AND ITS SIGNIFICANCE FOR BUSINESSES

The Imperative of PCI Compliance for Business Security
The Payment Card Industry Data Security Standard (PCI DSS) is a set of
requirements designed to ensure that all companies processing, storing, or
transmitting credit card information maintain a secure environment. The PCI
Security Standards Council, which was founded by major credit card companies,
developed these standards to protect cardholder data from theft and fraud.

Why Businesses Must Prioritize PCI Compliance
Security Enhancement The primary goal of PCI DSS is to bolster security during
payment card transactions. Non-compliance can result in substantial fines from
credit card companies or banks, sometimes reaching thousands of dollars. In
severe cases, non-compliant businesses may face termination of services by these
financial institutions. By adhering to PCI standards, businesses not only avoid
penalties but also demonstrate a commitment to protecting customer data, which
can enhance their reputation and customer trust.

Industry Best Practices Compliance with PCI standards has become a benchmark for
good business practices. It assures customers of the reliability and security of
financial transactions, reducing associated risks. Businesses that comply with
PCI DSS can deliver financial services more effectively and provide customers
with peace of mind when sharing personal information.

Building Trust and Recognition PCI compliance benefits not only customers but
also credit card issuers and financial institutions by enhancing their
reputation. It is a critical factor in establishing trust with customers and
maintaining good relationships with financial partners, helping to prevent fines
and service disruptions.

Consumer Confidence In today’s fast-paced commercial environment, where
electronic transactions are commonplace, security is paramount. PCI compliance
is essential for any merchant handling sensitive credit card information, as it
reassures customers of the safety of their data.

Key Requirements of PCI Compliance
PCI DSS encompasses multiple layers of protection that must be implemented by
merchants, service providers, and financial institutions during credit card
transactions. These requirements include:

Maintaining a vulnerability management program
Establishing and upholding an Information Security Policy
Conducting regular network testing and monitoring
Implementing security management measures, such as network security maintenance
Designing software to protect cardholder data
Implementing Access Control Measures
Businesses must engage in activities that validate compliance, such as quarterly
scans and onsite reviews by Qualified Data Security Companies (QDSCs). While
there are other data security regulations, such as the Sarbanes-Oxley Act and
the Health Insurance Portability and Accountability Act (HIPAA), PCI DSS is
often considered the most straightforward and precise standard, even for small
merchants.

The Role of ASVs in Ensuring PCI Compliance for Online Businesses
For online business owners, the first step towards PCI compliance is to engage
an Approved Scanning Vendor (ASV) to conduct compliance testing on web servers.
PCI scanning is typically required every three months, as set by the PCI
Security Standards Council. Some companies offer daily PCI scanning, but this is
generally seen as excessive and can cause server disruptions due to the
intensity of the tests. Once a server issue is resolved and it meets PCI
compliance requirements, problems are unlikely to recur quickly, making daily
tests unnecessary.

It’s important for online business owners to be wary of sales tactics promoting
daily PCI scanning tests, which can place undue stress on websites without
providing additional value. Instead, businesses should focus on displaying
credibility and trust to their customers. Some ASVs provide a web seal to online
businesses that pass PCI compliance tests, which can enhance online sales by
signaling a secure shopping environment to consumers.

While it is not legally mandated for online businesses to be PCI compliant, it
is a prudent choice to protect against external threats and maintain customer
trust.

In conclusion, PCI Compliance is a vital aspect of modern business operations,
especially for those involved in online transactions. By meeting these
standards, businesses can ensure the security of their customers’ payment card
information, maintain their reputation, and avoid costly penalties.

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WHY BUSINESSES NOW NEED TO BALANCE PROFIT WITH PURPOSE

Social media is a powerful, strategic tool with the ability to connect millions
of people around the world, and shape their opinions. The current President of
the United States would agree.

But for businesses, it is a double-edged sword. While Instagram, Twitter and
Facebook are an effective way for businesses to connect with their customers and
build following, if something goes wrong, the mistake is on show for the world
to see.

Social media has given a voice to, and shifted power from businesses and
governments, to individuals who otherwise would not be heard. Did you know that
almost half (45%) of the world’s population is now on social media? (Source:
Statista)

People now have access to information about corporate behavior like never
before. Socially conscious consumers show no restraint in sharing incidents of
corporate negligence on social media. They use social media platforms to
organize themselves around issues that are important to them, and strongly
express their disapproval for unsustainable business practices.

As per the Cone Communications 2013 Global CSR study of more than 10,000
citizens in 10 of the largest countries in the world by GDP, including India,
62% consumers say they engage with companies via social media, and 26% use
social media to share negative information.

They use their voice and purchasing power to punish irresponsible businesses,
forcing them to clean up their act, thus bringing about the change they want to
see in the world.

A study by the New York Times Consumer Insight Group identified major reasons
people choose to share what they do on social media sites. 84% of participants
in this study said that they shared to support a cause. Clearly, selling a good
product or service is no longer enough. And doing business responsibly is no
longer a choice.

Before the advent of social media, social, ethical, environmental misdeeds of
corporates used to go unnoticed. But like Mark Zuckerberg correctly said, “When
you give everyone a voice and give people power, the system usually ends up in a
really good place”

For instance when Nike was accused of deploying child labor in the production of
soccer balls, or when the garment factory of Benetton, Primark, and Walmart
collapsed in Dhaka, the brands faced severe criticism and protests from
consumers and activists all around the globe.

With growing number of socially conscious consumers, especially millennials and
Gen Z, companies can expect to see many more instances of consumer-initiated
protests and boycotts in the future.

Gen Z, those born between 1996 and 2010 are expected to account for 40% of all
consumers by 2020, according to research from MNI Targeted Media. Doing their
part to make the world a better place is important to 68% of them, and this
directly impacts their buying behavior.

94% of Gen Z shoppers and 87% of millennials believe that companies should
address urgent social and environmental issues. (Source: Cone Communications
2013 Global CSR study)

In the long run customers will choose companies that they trust, that share
their values and that act responsibly. And businesses that don’t will end up
losing their customer base.

In a survey by Greenmatch, a renewable energy consulting agency, 72% of Gen Z
respondents said they are willing to shell out more money for goods and services
produced in a sustainable way. And nearly half (49%) have boycotted a brand
because it behaved in a way that was against their values.

In a mobile-savvy country like India, reputation loss due to negative social
media publicity can have serious implications for the business. As per media
reports, when high levels of lead and MSG were found in Nestlé’s star product
Maggi noodles in 2015, the company lost much more than its market share due to
their poorly managed social media responses.

Brands and businesses must now necessarily adapt to the new world order, and be
as committed to and innovative about doing good as they are about maximizing
profits.

So what would be our one tip to businesses that want to avoid a social media
nightmare? Act responsibly, because there is no dodging the animal called social
media.

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UNION BUDGET 2021: A QUANTUM PERSPECTIVE

From the CIO

It is good to see the government focus on reviving growth. The reaction in the
equity markets is a testament to that. It’s by far the best budget for equity
markets. Lots of positive surprises and no major negatives.

The bond markets haven’t liked the budget at all. It’s a shock. No one expected
that PM Modi will agree to shed his fiscal conservatism to such an extent. Long
term Bond yields have already headed higher. We would expect the RBI to also
begin normalization and interest rates hikes in the coming months. Bond yields
have bottomed and the best of the returns from long term bond funds are behind
us.

The key of course is the long-term outlook. This increase in spending over the
next 4 years needs to revive growth back to at least the 7% level. If that
happens, then the higher deficit will be forgiven. If not, high inflation and
high deficits can cause macro instability in the years ahead.

Equity View

The pandemic & lockdown hit the Indian economy, in lieu of which we wanted a
push for both capital & consumption in this budget.

Through the provisions of the Union Budget 2021-22, government has targeted
increased spending on infra & other capital expenditure to kickstart the economy
but, as witnessed through multiple rounds of stimulus announced last year, there
is very little allocated to boost consumption.
On the contrary, the new ‘Agriculture Infrastructure Cess’ on petrol & diesel is
inflationary and has the potential to reduce real income of the households
thereby impacting near term consumption.

This time the government has followed a fiscally expansionary path to put the
economy back on track. Though, the headline budgeted fiscal deficit numbers for
FY21 & FY22 looks higher due to reclassification of NSSF [National Small
SavingsFund] loans to FCI above the line.
Higher borrowings (even after adjusting for reclassification of FCI loan) by the
government can crowd out the private sector demand for loans, until & unless,
foreign flows in debts come to their rescue.
There have been some sector specific changes like change in FDI limit in
insurance & scrappage policy for Autos which augurs well for respective sectors.
There were no significant changes on direct taxes.
Overall, the government’s planned spend on infra, if executed properly, has the
potential to increase employment & expedite (though, boost to consumption would
have expedited it much faster) the natural business cycle to revive corporate
earnings which otherwise would be a gradual process. The earning upgrade cycle,
similar to 2003-07 period, may give a fillip to equity returns.

Keep invested and use a staggered approach

Indian equities remain an attractive asset class and is expected to do well over
the long term. Investors are advised to remain invested but stagger their fresh
investments as the markets have run up recently.

Fixed Income View

From the bond market’s perspective, the budget had more negatives than
positives.
Current fiscal year deficit of 9.5% of GDP and target of 6.8% for FY22 was a
surprise. This, along with the extended fiscal consolidation roadmap indicate
that the bond market will face heavy supply pressure not just in this year but
over many years.
State governments may also pursue similar expansionary fiscal policy.
RBI’s role in facilitating this kind of market borrowing would be critical to
determine its impact on the bond markets.
Nevertheless, it seems that the bond yields have already seen the bottom and
reversal is coming sooner than anticipated.
Increased government spending for extended period and introduction of new cess &
import duties on various products could also cause inflation to rise. The RBI
may find it difficult to support the government’s borrowing program in this
case.
Proposal to create a permanent institutional framework to provide liquidity will
go a long way in the development of the corporate bond market. This will also
bring down the liquidity and credit premiums and thus cost of capital for
borrowers.
Lower return expectations

Investors should lower their returns expectations from fixed income funds and
should follow a conservative approach while choosing fixed income products.
Interest rate are likely to move higher in coming years. Long duration funds may
face high volatility in coming months.

Gold View

Union Budget 2021 pleasantly surprised gold markets by announcing the reduction
of custom duty on gold from 12.5% to 7.5%. However, introduction of levy called
the Agriculture Infrastructure and Development cess of 2.5% will lead to less
than the headline 5% reduction.

The immediate effect of this move will be that gold prices will decline to the
extent of reduction of levies. All those holding gold will see the value erode
to that extent whereas all those who want to buy more will get it relatively
cheaper to that extent.
Still, this is a welcome move as it will reduce price distortions, bringing
domestic gold prices closer to International prices to the extent of reduction
in levy. It will enable more efficient functioning of the gold markets in India
and discourage illicit gold imports of the precious metal.
Higher intervention through higher customs duty has all this while ensured that
India could never be at the center of the global gold markets despite being the
largest consumer and thus remain a price taker.
We hope this duty is incrementally reduced over the next few years to further
remove the price distortions in form of levies and truly think about developing
the gold sector and bring India at the center of International gold markets.

The Finance minister also set the ball rolling for the creation of the proposed
spot gold exchange by announcing that the ministry will be notifying the
Securities and Exchange Board of India (SEBI) as regulator for gold exchanges.

The creation of a spot gold exchange will bring twin benefits for Gold ETFs by
adding to the liquidity pool as well as leading to more efficient price
discovery.

Use the correction to add Gold to your portfolio

Gold remains as an efficient portfolio diversifier. Use the correction to
increase allocation to Gold so that it occupies 10-15% of your overall
portfolio.

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BEST INSURANCE POLICY SERVICE IN NOIDA WITH SIMPLIFY POLICY

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Two-wheelers Insurance Service becomes a basic requirement for everyone. Whether
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individual owns a two-wheeler its protection becomes the priority. So several
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Also if we talking regarding Insurance plans there’s one major policy that is
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is Health insurance Policy. Within the Pandemic time of Coronavirus, insurance
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Simplify policy provides insurance services to you with great assistance and
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Tags: Accounting & Auditing Banking Services Credit & Collections Financial
Planning Financial Services Insurance Investing Personal Finance


   
 * Recent Posts
   * Understanding PCI Compliance and Its Significance for Businesses
   * Why Businesses Now Need To Balance Profit With Purpose
   * Union Budget 2021: A Quantum Perspective
   * Best Insurance Policy Service in Noida with SIMPLIFY POLICY
   
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   * June 2024

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