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PCI Compliance: What is it?


PCI DSS (Payment Card Industry Data Security Standard) are security standards that have been created by major credit card companies such as Visa, MasterCard, American Express, Discover, and JCB to ensure that businesses are properly and securely handling cardholder data.


By being a business owner, adhering to PCI compliance means that your business abides by these standards to protect any sensitive information including card numbers, expiration dates, and security codes. 


Understanding PCI Compliance


If your business is one that accepts or processes any credit card information, PCI compliance is a must. Payment Card Industry Data Security Standard (PCI DSS) is what aids in protecting the payment data of your customers and from your business potentially experiencing any penalties, breaches, or even reputational damage.



PCI DSS Requirements


These requirements are broken down into six key goals:

  1. Building and maintaining a secure network and systems

  2. Protect cardholder data

  3. Maintain a vulnerability management program

  4. Implement strong access control measures

  5. Consistently monitor and test networks

  6. Maintain an information security policy



Why PCI Compliance Matters


If there are failures with PCI compliance, this can lead to:

  1. Penalties and fines from card networks

  2. An increase of transaction fees or potential loss of merchant account

  3. Reputational damage from data breaches

  4. Legal and financial liability if there is a compromise of cardholder data



How to Stay PCI Compliant


Some key steps to maintain compliance are:

  1. Determine your compliance level. This is based on your transaction volume.

  2. Complete a Self-Assessment Questionnaire (SAQ). This questionnaire is required annually

  3. Conduct regular vulnerability scans

  4. Fix any security issues promptly

  5. Document and report compliance



PCI compliance is about protecting your business and customers. With following PCI compliance standards, you maintain trust with your customers, reduce risk of security breaches, and ensure operations run smoothly.


Have questions or want to know if your compliant?



 
 
 

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