Getting started with Payment Card Industry (PCI) security for payment card processors and merchants is an actual result of the demand for credit card data security.
The PCI standard comprises 12 requirements for companies managing, processing, or handling payment cardholder data. The 12 PCI requirements determine the architecture for solid payment security. Their significance is, however, categorized into three steps: Assess, Remediate, and Report.
Assess involves keeping business processes records and IT assets for payment card processing and assessing their possible porosity that could cause a data breach.
Remediate is the strategy involved in locking the vulnerabilities. Report concerns collating records needed for PCI DSS remediation validation, submitting compliance reports to the card payment brands, and acquiring the bank you transact with. These three steps are consistently required for PCI DSS requirements and to strengthen cardholder data protection.
How To Assess PCI Security
- Study Payment Card Industry (PCI) DSS Standard
- Locate vulnerabilities
- Recognize all critical processes, personnel, and systems in storing or transmitting cardholder data.
- Understand the PCI standard expectations of your company.
- Leverage the appropriate SAQ to guide examination and technology to identify vulnerable systems.
- Take a record of processes and IT assets.
- Substantiate data security with Third-Party experts.
Your environment’s complexity may call for assessing an Approved Scanning Vendor and/or Qualified Security Assessor.
The 12 PCI Requirements
Regardless of your progress in your PCI DSS compliance journey, having a reference to guide you on the right path will be crucial. Here are 12 PCI Requirements to consider:
- Utilize firewalls to secure your network
- Configure identity and passwords
- Secure cardholder data
- Cardholder data being transmitted across various networks must be encrypted.
- Ensure all anti-virus software is kept up-to-date.
- Update and patch systems from time to time.
- Limit permissions to cardholder data to businesses need to know
- Dedicate particular access identity to every cardholder with a computer
- Restrict physical permissions to cardholder data
- Perform various scans to check for potential penetration and vulnerabilities.
- Documentation and test examinations.
Benefits of PCI Security Compliance
PCI security compliance comes with various rules and requirements that make it appear tasking. But comparing the immense benefits to the possible consequences of not applying PCI is massive. With the high level of theft and fraud on credit cards, PCI compliance is worth it, and it may not turn out as daunting as many business owners think when you begin — especially with the right tools at your disposal.
Here are some notable benefits of PCI Compliance:
- PCI Compliance generates improved IT infrastructure efficiency.
- PCI Compliance is a continuous process of security implementation and keeping off potential data breaches and theft now and later.
- PCI Compliance suggests that you conform with the international payment card data security solution.
- PCI Compliance assures a secure company activity, and your customers can vouch for your company to secure their credit card data and other sensitive information. This level of trust propels a smooth relationship with your company, resulting in repeat patronage.
- PCI Compliance boosts your reputation with the right business partners, company payment brands, and acquirers.
In addition, PCI impacts a company’s security strategy from different points.
Consequences of Non-Compliance
There are potential devastating effects of not complying with PCI. One thing all customers and business partners hold dear is their data. Handling customer-sensitive information with levity can result in some dire consequences. Hence, PCI Compliance concerns securing your customers’ image, data, and business. Here are possible repercussions of PCI Non-Compliance:
- Compromise data can damage your reputation and turn away potential customers from your business, eventually leading to closure.
- Account data leakage can degenerate into truncated customer relationships and poor sales. And public companies usually see depressed share prices due to account data breaches.
- PCI non-compliance can lead to cancelled accounts, insurance claims, government fines, lawsuits, and payment card issuer fines.
As with other regulatory requirements, PCI non-compliance can create problems for organizations unprepared to address critical information security. But when you deploy the right tools and services, you’ll find it easy to manage PCI Compliance. Consider a data loss prevention software to classify and harness data accurately, so you worry less about cardholder data security.
Best PCI Compliance Practices
The Payment Card Industry Data Security Standard (PCI-DSS) is geared toward augmenting consumer security by providing business guidelines that incorporate stores, credit card information transfers, and processes into their system. As a result, organizations across an array of industries must meet up to the PCI standards to heighten credit card data security.
Being compliant is very necessary to maintain a sound business environment. You can learn more about what companies need to know and implement to comply entirely with PCI-DSS. Find out more here: https://nordlayer.com/blog/pci-dss-compliance-checklist/.