How often do your clients and customers use credit cards to pay you? The payment card industry (PCI) is incredibly valuable, but there are always risks that come with convenience. If you don't ensure that your payment avenues comply with industry standards, you could face penalties and fines – or even risk hackers stealing your and your customers' data! PCI standards keep everyone happy and safe throughout their transactions.
So, exactly what is PCI Compliance? Let us here at Computer Services Unlimited help you understand the ins and outs of this robust security standard, and then let us join you in your journey toward a more secure and confident business!
What Is PCI Compliance?
When you use a credit card, the transaction is secured through several security measures that keep your information safe from prying eyes. The Payment Card Security Standards Council develops and manages the regulations and standards that ensure that every purchase made via a credit card is kept secure and protected.
The PCI Data Security Standards (PCI DSS) comprise 12 key requirements, 78 base requirements, and 400 test procedures – an overwhelming number of rules to follow, even for big businesses. Even though these credit card data regulations are not required by law, they are largely considered mandatory in modern business.
Who Else Is Involved with PCI Compliance?
The Payment Card Security Standards Council leads the charge toward more secure and effective regulations, but other major players are involved in these important security protocols. For instance, the Federal Trade Commission (FTC) is concerned with credit card processing and is the leading body in consumer protection. It is through court precedent set by the FTC that PCI is considered mandatory.
Credit card companies are closely involved in maintaining security protocols that live up to the standards of the payment card industry data security. They often mandate PCI and discuss the topic throughout their network agreements, constantly improving their compliance and capabilities.
How Can I Stay PCI Compliant?
Remember, the PCI DSS has nearly 500 different topics and requirements. But the majority of what is required by the Payment Card Security Standards can be followed by just 12 simple steps:
- Put firewalls in place to protect your customer's data
- Use password protection measures like 2-factor authentication
- Put in place data protections for cardholders
- Encrypt data transmitted by the cardholder
- Use antivirus and anti-malware programs
- Regularly update all security systems and software
- Keep cardholder data restricted to relevant parties
- Track access to data via unique IDs assigned to all involved parties
- Create and manage access logs
- Restrict physical access to data storage
- Regularly test security systems for weaknesses
- Create consistent policies and procedures with documentation that can be followed
This is already a sizable list of steps to take, and each contains dozens of sub-steps and choices for you. This is why a certified IT partner is so important for your business.
You can take the time to review these requirements and adhere to them yourself – you likely follow a few already! But that time and effort could be better spent elsewhere. Use an IT partner to fill in and speed up the compliance process!
What Are the Benefits of PCI Compliance?
If you want to avoid data breaches, safeguard your client data, and prevent identity theft, you want to act with PCI compliance in place. Because compliance with PCI regulations isn't just mandatory; it is incredibly valuable for the safety and security that it provides.
The number of companies that face high-value fines for failing to protect their customers is on the rise – don’t let your company be one of them. Even if you could afford the $4.88 million cost of the average data breach, the bad press and customer loss could leave your business floundering.
Come to CSU and Stay Confident in Your Compliance!
Are you worried that your transactions aren't up to snuff? Losing countless work hours to compliance work that wasn't part of your job? Come to Computer Services Unlimited! We understand the importance of secure transaction processing and have the experience to help you update and enhance your business through our comprehensive compliance services.
Don't let your business's payment card industry compliance slide! Now that you understand what PCI compliance is and how it affects your business, call an expert to help you ensure you stay up-to-date and on top of the critical compliance regulations.
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