Response To Classmates Discussions

BuS 637 Week 6 Discussion 1

Guided Response: Respond to at least two of your fellow students’ or instructor posts in a substantive manner and provide information or concepts that they may not have considered. Each response should have a minimum of 100 words and be respectful of others’ opinions and beliefs that differ from your own. Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum. Continue to monitor the discussion forum until Day 7 and respond with robust dialogue to anyone who replies to your initial post.

Lisa Schreiner

Oct 25, 2020 9:40 AM

Although PCI compliance is not a legal mandate, the risks of non-compliance with the PCI standards leaves an organization open to significant security breaches of customer information, creating severe financial and loyalty implications. PCI (n.d.) provides security standards an organization implements to protect personal demographic, and credit card information held on file to support business transactions.

During the review of the section on How to secure with the PCI data security standard, it is transparent the implementation of the security software is not a one and done process. Continuous updates are necessary to keep abreast of changes in the technology world of hacking. The PCI Forensic Investigators provide investigative services with the authorities if there are breaches and security checks on employees and organizations (PCI, n.d.).

Another mandate an entrepreneur might discover necessary, while not embodied in the legal code, is business insurance. Business or commercial insurance covers losses, such as fire, slip and fall accidents, auto incidents, etcetera. (Boop, 2020). Various types of policies are available that cover different events an entrepreneur must consider while practicing their trade. Considering personnel events is essential to carry a worker’s compensation policy. It is best to meet with an insurance agent for appropriate advice on the subject (Boop, 2020).

References

Boop, G. (2020, June 30). Why You Need Business Insurance. https://www.thebalancesmb.com/introduction-to-business-insurance-462574

PCI Security Standards Council. (n.d.). PCI Security Standards Councilhttps://www.pcisecuritystandards.org/

Britney Graves

Oct 26, 2020 5:49 PM

We have all used a credit card.  Whether it’s been at a grocery store, a jewelry purchase, or paying a bill, with that, said, we usually assume that our transaction is safe from outside threats.  However, that’s not the case.  The payment Card Industry is (PCI) is a way to keep customers safe; by managing and securing personal data linked to your credit card.  (Petters, 2020) explains, “PCI compliance is a set of standards and guidelines for companies to manage and secure credit card related personal data” (p. 1).  While protecting customer’s data may seem like a given, PCI is not a legal mandate.  Of course, not complying with the PCI standards presences risks.  First, the risk to the consumer.  When/if a data breach occurs, their personal information can be used and sold, creating an issue of identity theft.  On the other hand, the company suffers as well.  Brand reputation is a risk (Koulopoulos, 2017) explains that “According to a survey conducted by the National Cyber Security Alliance, of 1,015 small and medium businesses, 60 percent of those breached closed their doors within six months” (p. 1).  Would you want to return to a store that jeopardized your information?  Compliance with these guidelines could save the company from a data breach but from closing its doors.

Other mandates that aren’t required by law but require compliance is insurance.  Insurances range from fire, flood, and employee packages.  Equally important to protecting virtual items is protecting your physical company and its assets.  “Insurance is a system of protection for payment provided by insurance companies to reimburse people or businesses whose property or wealth has been damaged or destroyed” (Glackin & Mariotti, 2020, p. 385).  Insurance is a way to transfer risk from the company to the insurance agency; however, you agree to pay a deductible.  A deductible is an amount you agree to pay before the insurance steps in.  The lower the deductible, the higher the premium, and vice versa.  Complying with these standards can save you costs and headaches in the future.

Reference

Glackin, C., & Mariotti, S. (2020). Entrepreneurship: Starting and operating a small business(5th ed.). Pearson.

Koulopoulos, T. (2017, May 11). 60 Percent of Companies Fail in 6 Months Because of This (It’s Not What You Think). https://www.inc.com/thomas-koulopoulos/the-biggest-risk-to-your-business-cant-be-eliminated-heres-how-you-can-survive-i.html. 

Petters, J. (2020, March 30). What is PCI Compliance: Requirements and Penalties: Varonis. Inside Out Security. https://www.varonis.com/blog/pci-compliance/.