Some Important Things To Know About PCI Compliance

In response to the rise in credit card fraud and identity theft, MasterCard Worldwide and Visa International took the initiative in 2005 to establish a consistent data security mechanism for all key stakeholders, including banks, credit card service providers, financial institutions and merchants. As a result, PCI compliance standards have been developed to ensure greater security and privacy at the checkout, both online and in-store.

Payment Card Industry (PCI) standards were revised and improved in September 2006, and the final document provides more detailed data security standards (DSS) for merchants. In short, PCI compliance provides greater security when conducting an online or credit card transaction in-store.Go online today to get your company PCI secure coding training so that your business can become PCI compliant.

PCI security standards include ayers of protection to be provided by financial institutions, merchants and service providers when handling credit card money. These standards cover a complete set of requirements for any business interested in processing credit card payments, such as:

• Maintain policies such as information security policies.
• Procedures for implementing access control measures.
• Security management such as maintaining a secure network.
• Design of software that can protect cardholder data.
• Network architecture and regular network monitoring and testing.
• Maintain a vulnerability management program.

Companies using and complying with PCI standards must perform activities to validate their compliance, including on-site assessment and quarterly scans by qualified data security firms (QDSCs). In addition to the PCI standard, there are other data security provisions for merchants, such as the Sarbanes-Oxley Act and the Liability Act, but the PCI standard is considered the most accurate, precise and easier to follow even for small merchants.

Why Is PCI Compliance Important?

The main goal of implementing PCI standards was to provide better security during payment card transactions, but today PCI compliance has become a standard and standard in the card processing industry. Failure to comply with the standards of each transaction can result in large fines from banks or credit card companies of up to thousands of dollars. In some cases, banks or credit card providers completely stop providing services to merchants.

Today, compliance with PCI standards is an industry standard. It has become a symbol of good business and is used to ensure quality levels that customers can trust. PCI compliance also improves the delivery of financial services to customers and reduces the risk associated with fund transactions. Customers can feel comfortable completing transactions with a PCI DSS compliant company, even when sharing their personal information.

Today, security is an essential part of customer service provided by any business, and PCI compliance can project any reseller as a business concerned with customer security and the protection of their personal information. In short, complying with data security standards like PCI means more customers for businesses today.

Not only with customers, but PCI compliance can create more recognition and a better reputation with banks, financial institutions and credit card providers. In short, PCI compliance is important for any online business today to gain the trust of its customers, maintain better relationships with financial institutions, and avoid fines from banks and card providers. credit.