Gartner recently released their Retail Security & Compliance Survey 2011 that details the costs associated with becoming PCI compliant. Excluding the cost of assessors – these costs are estimated at $1.7 million over the survey period, 2.35 years. Level 1s  spent approximately $2.1 million on PCI compliance and Level 2-4s approximately $1.1 million.

In the Gartner report, which tracked overall PCI compliance investments and PCI-related security risks for companies greater than $250mm, 28 percent of respondents believed that their organization had to spend too much money to comply with PCI standards and 43 percent of respondents had experienced at least one type of security breach.

These are significant expenses for Level 1-4 retailers. With an increasingly sophisticated threat landscape the Payment Card Industry will only increase the level of security so the costs are unlikely to come down. So how do you deal with the heightened level of security and an economy that is still getting back on its feet?

Retailers and merchants need to think about how to address these costs while continuing to stay relevant in today’s competitive marketplace. To address these concerns, StillSecure has created a free online tool – the StillSecure PCI Calculator – to help our customers and partners identify and potentially reduce the costs and complexities associated with PCI compliance. The calculator, which analyzes the data in the Gartner report with StillSecure’s PCI Complete solution, shows cost savings for retailers and merchants could approach $750,000.

No matter what PCI solution a retailer or merchant chooses, it’s important to know that becoming compliant does not necessarily have to break the bank. Good, solid research will help to find the best approach for your organization.

Tags: , , , ,