Opening a Store in Your Local Area: A Couple of Things to Keep in Mind About Compliance
Opening a business is one of the best things you can do, both for your professional and personal growth. But with all the fun running your own local store can bring, there are a couple of pitfalls that await if you rush into it without taking the time to do your due diligence first. Namely, we’re talking about various forms of compliance. So what should a small business know about the topic at hand and what are some concrete examples of it?
The risks of non-compliance
Depending on the specifics of your business and the specific violation you make, you can be fined by the local regulatory body. For example, if you’re planning to be hiring employees, you’re required to pay them at least a minimum wage, as well as respect their rights. Another example is if you’re holding a database which collects your customers’ sensitive data like credit card numbers or document scans. You simply need to do your best to protect them.
In concrete terms, retail store owners should check whether the following applies to their situation:
- PCI Compliance
Will you also sell the goods online? Then PCI Compliance is what you need if you’re going to be accepting credit or debit cards. After all, these are all examples of highly sensitive data that must be protected accordingly. Compliance means protecting the customers as well as your company. Furthermore, letting them know you’re compliant will increase the trust of your customers. In other words, your prospective customers will feel much more comfortable to proceed with ordering if they know their data will be protected.
- P2PE Compliance
Unless you’re only planning to accept cash at the sales terminal, P2PE Compliance is something to keep in mind. When a customer’s card is swiped, that’s the point where it’s most vulnerable to theft and interception. As such, it must be encrypted so it’s essentially unreadable to the bad guys. By letting your customers know you’re compliant, they will be less worried about data theft and, in turn, more open to proceed with the checkout and complete the ordering process.
- Penetration Testing
How secure are your servers and IT systems? Without penetration testing, there’s hardly a way to tell. The process could be described as ethical hacking. Instead of abusing any security weaknesses uncovered, the hired professional will tell you how to patch them up to shield yourself from a potential cyber-attack. If you’re using any kind of networks, servers or computers in your line of work(these days, it’s hard not to), penetration testing will help you put it all to the test to see how secure it really is.
Conclusion
Remaining compliant is much better than having to pay a bunch of hefty fines in case your security is breached at any point, not to mention the loss of your business’ reputation. The good news is that you don’t need to figure it all out on your own. Visit our website today or give us a call!
