What is PCI Compliance?
PCI compliance is a set of regulations that apply to companies that process, store, or transmit credit card information. The PCI DSS (Data Security Standard) was created in 2006 by the Payment Card Industry Security Standards Council (PCI SSC) as a response to the numerous data breaches that were occurring at the time.
The PCI SSC is a global network of the major companies in the payment card industry, including Mastercard, American Express, Visa and Discover.
PCI compliance has three primary goals:
Maintaining data security by ensuring that all sensitive information is protected from unauthorized access or modification. This includes authentication, intrusion detection systems, encryption, etc.
Preventing credit card fraud by making sure all transactions are valid and cannot be tampered with or altered. This is done primarily by building secure payment systems, which include the installation of firewalls between networks containing sensitive information and internet access. Another aspect of this is making sure that all systems that process credit cards are tested for vulnerabilities on a regular basis.
Detecting any possible security breaches by having strong logging and monitoring systems in place. This is done by collecting data from all the previously mentioned security measures, storing it, then using that data to search for anomalies or patterns of suspicious behavior.
How do I become PCI compliant?
The first step is to become familiar with the PCI DSS. This document outlines all the requirements for becoming and remaining PCI compliant. It can be a little daunting, but it’s important to remember that there is no “one size fits all” solution when it comes to data security. Each business will need to tailor their compliance plan to the specific needs of their business. After that, all payment systems should be tested for vulnerabilities and either fixed or documented so they can be monitored on a regular basis. Once PCI compliance is achieved, it must be maintained over time through validation and re-assessment audits.
What happens if I don’t become PCI compliant?
When a business is not PCI compliant it can lead to several major problems, including: credit card data being stolen from your systems, not being able to accept credit cards as a form of payment, and fines that start at $5,000/month. The most severe result that can happen if a business fails to become PCI compliant is having their merchant status revoked. For many companies this will mean bankruptcy, so it’s in everyone’s best interests to become PCI compliant as soon as possible.
How much does it cost?
Since every business is different, the price for becoming PCI compliant varies depending on the size of your company and the complexity of your payment system. However, the cost for becoming PCI compliant is often much lower than the cost of not being compliant (fines, lost business, etc.)
At Solved IT we understand that compliance doesn’t have to be overwhelming. We provide free consultations and offer very reasonable rates for all our work. If you’re not PCI compliant, now is the time to call us and find out how we can help.
To sum it up, PCI compliance is a set of regulations that apply to companies that process, store, or transmit credit card information. The PCI DSS (Data Security Standard) was created in 2006 by the Payment Card Industry Security Standards Council (PCI SSC) as a response to the numerous data breaches that were occurring at the time.
While it can be quite expensive to become compliant, PCI compliance has been known to save businesses money in the long run due to decreased instances of credit card theft.