Let's talk PCI Compliance

Article by Megan Grosso

Many businesses aren’t aware of the need to be PCI complaint until you spot the fines on your terminal bill.

PCI Compliance - what’s this? Have you seen on your terminal bill a charge for either being PCI compliant / non complaint?

What does it mean?

Payment card industry (PCI) compliance is mandated by credit card companies to help ensure the security of credit card transactions in the payments industry. In short, it means as a business that you aren’t storing any customers card details.

Do you need it?

Any merchant that wants to process, store or transmit credit card data is required to be PCI compliant, according to the PCI Compliance Security Standard Council.

What’s the rules?

Here are the 12 requirements to become compliant:

1. USE AND MAINTAIN FIREWALLS

2. PROPER PASSWORD PROTECTIONS

3. PROTECT CARDHOLDER DATA

4. ENCRYPT TRANSMITTED DATA

5. USE AND MAINTAIN ANTI-VIRUS

6. PROPERLY UPDATED SOFTWARE

7. RESTRICT DATA ACCESS

8. UNIQUE IDS FOR ACCESS

9. RESTRICT PHYSICAL ACCESS

10. CREATE AND MAINTAIN ACCESS LOGS

11. SCAN AND TEST FOR VULNERABILITIES

12. DOCUMENT POLICIES

What’s the costs?

To become PCI complaint, the fees depend on the size of business, plus other factors like your existing technology and security. But if you’re non-complaint, this can result in fines, data breaches, costly forensic audits, card replacement fees and more.

How do you become PCI compliant?

Your payment processors and gateway provider may help you to become PCI compliant. Paynetworx offers support in becoming compliant and how to maintain compliance.

Call us on 01245 330720 to find out more.

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