Generally speaking, businesses that collect sensitive authentication data (primary account number, cardholder name, expiration date) must adhere to PCI standards. First, they must fill out a questionnaire, which is tailored according to how a business interacts with credit card information.
Depending on the size of a business, it may also need to perform an annual assessment of its security practices. Failure to comply can lead to fines, card replacement costs and lost business.
Requirement From All Businesses
Every business that accepts credit cards must meet PCI compliance services standards to be able to continue working with the major credit card companies. This includes online businesses, brick and mortar stores, and any third-party service providers that process payment cards.
Achieving PCI compliance can seem like a daunting task for businesses, especially small and medium-sized ones. However, the benefits of safeguarding cardholder data far outweigh any initial costs associated with implementing and maintaining these security requirements.
It Is A Legal Requirement
A business must follow PCI standards to ensure the safety of its customers’ credit card data. Failure to do so can lead to costly damages from a data breach, which could include fines from payment card issuers, insurance claims, cancelled cards and more.
Whether you accept payments online or in person, it’s important to understand what it means to be compliant with these standards.
The best way to do that is by completing a self-assessment questionnaire. These questionnaires are available from the PCI Security Standards Council and are tailored to how each company interacts with customer credit card data.
It Is A Security Process
There are a number of security measures that businesses must take to meet PCI compliance requirements. These include ensuring that any device, software, or network that touches cardholder data (CHD) is secured with strong access controls.
This includes encrypting and/or using strong passwords, and requiring multi-factor authentication for remote access. In addition, companies must also make sure that their networks are secure and that all employees are aware of the company’s security policies.
This ensures that all employees understand the importance of protecting cardholder data, and reduces the chance of a breach or other security threat. It is also important for business owners to know that failing to meet these standards could lead to steep fines from the payment card industry. This can affect a business’s reputation and longevity as well as its ability to process credit cards.
Management Requirement
It’s important for business owners to understand what PCI compliance is, because it affects their bottom line. If a business fails to meet PCI security standards, it could face expensive fines from its payment card processor. It may also lose its ability to accept credit card payments.
To become compliant, businesses must complete a self-assessment questionnaire (SAQ) and perform a network scan. They must also ensure that all employees are aware of and follow the company’s information security policy. They must also encrypt all payment card data when it is sent to and from service providers.
