Is your customers’ payment card data secure?
Paying by card has become almost universal for businesses across the globe, but many businesses fail to understand the responsibilities they take on by accepting these forms of payment. The Payment Card Industry Data Security Standard (PCI-DSS) are a set of compliance standards to ensure the security and privacy of a company when they process, store, or transmit credit card information. With more and more businesses being targeted online and at their Point of Sale (POS) systems for financial data, PCI-DSS compliance is more important than ever.
Why PCI DSS is Important to Your Business
While PCI DSS is not a law on the books, it is a global and almost universally accepted set of security protocols that govern the health of a company’s computing integrity in regards to its ability to keep consumer and vendor financial information safe.
The Six Goals of PCI DSS
- Create, manage, and maintain a PCI-compliant network.
- Protect the data that your organization has acquired.
- Create and maintain a plan in which to manage your environment’s vulnerabilities.
- Implement enhancements to access control interface.
- Monitor, manage, and regularly test networks.
- Maintain a policy in which to continuously manage your organization’s data security.
PCI DSS also provides merchants with many useful practices that work to ensure that you aren’t shortchanging your data security protocols.
Three Steps to Implementing PCI DSS Goals
Does your current POS technology have vulnerabilities that would pose risks to cardholders? Proper assessments include understanding how financial data flows through your hardware and software.
Once you have identified the vulnerabilities, you need to fix them in order to be compliant. The remediation process is your organization’s chance to expose flaws in its information storage security and diligently patch those flaws.
Once remediation is complete, your findings must be compiled and validated in a report to record you meet PCI-DSS standards. This is submitted to the bank and card processing centers in order to be in compliance.
Why Be PCI-DSS Compliant?
Compliance with the PCI DSS can have serious benefits for businesses of all sizes, while failure to comply will likely result in negative results.
Meet private data security requirements.
With PCI DSS compliance, you will be better equipped to comply with other federal and state-mandated data security regulations, such as those in Massachusetts (201 CMR 17).
Avoid data breaches.
Point of sale and other retail systems are notoriously weak to cyberattacks and are targeted because of it. A data breach always hurts your business: a loss of reputation and customers, as financial well as penalties from fines and lawsuits.
Build a better IT infrastructure.
Working up to PCI-DSS compliance also helps you build a better IT infrastructure. Fewer POS system issues, fewer transaction issues, and quicker resolutions with payment problems.