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From the wiki...

"CVV2 may not be stored by the merchant for any length of time (after the original transaction in which the CVV2 was quoted and then authorized and completed), a merchant who needs to regularly bill a card for a regular subscription would not be able to provide the code after the initial transaction"

Therefore, make sure the CVV is removed after you have processed the payment and you "should" be ok. Worth checking with your individual bank to check though

It is illegal to store the CVV number per your credit card processing agreement. The point of this number is that it is never stored in a computer - and therefore unavailable to hackers.

You run the risk of being sued by the credit card companies if you get hacked and they find out you were storing this number.

Something to consider.

http://en.wikipedia.org/wiki/CVV_number

With credit card payment modules, the credit card number and expiration are saved and displayed with the pending orders. If an additional charge is necessary, it is nice to have complete information, including the CVV. This change allows that information to be saved and used offline when a customer calls wanting to change or add something.