Cut through the complexity of achieving PCI DSS compliance requirements
The Payment Card Industry (PCI) Security Standards Council (an organization formed by the card brands) created the PCI Data Security Standard (DSS) to ensure that businesses follow best practices for protecting their customers’ payment card information.
The same technologies that make everyday business efficient also make it easy for hackers to access sensitive information. That’s why a business taking “just a handful” of credit cards is no less obligated to protect that card data than the major retailer running thousands of transactions.
When fully and accurately implemented, the 12 requirements of the PCI DSS work together to provide your business with defense-in-depth; that is, multiple layers of security that make it much more difficult for an attacker to gain access to your customers’ payment card data. Studies have shown that cyber thieves and their automated tools most often seek out basic mistakes such as weak passwords, mis-configured technologies and uneducated employees. The PCI DSS addresses these and other areas of weakness to effectively shield your business.
Businesses fitting one or more of the following criteria are subject to the PCI DSS requirements:
- A business that accepts credit or debit cards for payment, even if using a third-party vendor’s hardware, software or application to do so;
- A service provider that stores credit/debit card data on behalf of another business; and/or
- A hosting provider or other service provider that processes or transmits credit/debit card data on behalf of another business.
The most valuable thing you have at this present moment is your personal information. By making transactions or buying stuff online, the information becomes more important. However, as information security becomes an issue of concern, the need for better security and controls become vital. This is where PCI comes in handy, to offer information security to credit card firms. Payment Card Industry or PCI DSS was designed to help companies implement the software, hardware, to guard personal and credit card information.
Some of the many benefits of PCI compliance are intangible, and hence necessitate a practical understanding on how your company can benefit from PCI compliance. The most obvious advantage of PI compliance is trust. PCI compliance will help your company build lasting trust, which is essential in case there is breach of information.
2. Protection from fines
More tangibly, companies that are PCI compliant enjoy protection from fines when there is information breach. PCI compliance simply builds trust, which help to improve the internet industry.
3. Increases traffic on your website
Customers who make purchases online are often required to input their personal information like names, telephone numbers, addresses and credit card details. Customers often prefer to use websites that have a quality site seal. Now, if your website demonstrates trust, this means you can keep customer data safe.
4. Protects your business from online threats
Although it is not a legal requirement to ensure your website is PCI compliant, it protects your business from online threats. Your business is ever vulnerable to hackers, and software holes. If your website is not PCI compliant, and you have information breach, you will probably face large fines.
PCI compliance is a costly, time consuming endeavor, but you can approach the process systematically to ensure your business is safe from outside threat.