Companies that don’t meet PCI-DSS compliance are at risk of experiencing a cyber-attack in which card information and other data is stolen or held for ransom. PCI-DSS non-compliance fines can range from $5,000 to $100,000 a month, a large sum for any company to waste. This is ultimately money that could instead be used to grow your organization.
Even one unmet requirement can result in a failed audit. Failed audits decrease confidence in the brand in the eyes of customers, partners, and stakeholders. Noncompliance can also result in a breach of contract, which comes with its own potential fees and loss of business that affects your bottom line. Other losses include fraud and higher subsequent costs of compliance.
Breaches or theft of personal data of cardholders will in turn affect the entire payment card environment. This lowers trust in card usage in general and makes you a negative example.