PCI DSS COMPLIANCE
WHAT IS PCI DSS COMPLIANCE?
PCI DSS stands for Payment Card Industry Data Security Standard.
The PCI SSC (Security Standards Council), an open organization founded by global payment brands that included American Express, Discover, JCB, Visa, and Mastercard. The council oversees the entire security program and sets the standards.
PCI standards was created to increase controls around cardholder data. Security standards were developed to reduce risks from fraud and to create awareness to businesses that accepts payments from credit card.
I’m a small merchant, do I need to be compliant?
All merchants, regardless of size, needs to be PCI compliant. The payment brands adopted PCI to set the requirements for businesses that process, store, or transmit payment card data.
Simply put, if your business process or hold credit card information, the big credit card companies requires your business to comply to the standards.
Is PCI a law?
Compliance with PCI is not a federal law in the United States. Some states are beginning to enact statues to protect card data.
Businesses has a moral and ethical obligation and responsibility to protect customer’s data.
What are the business ramifications for non-compliance?
Businesses that fails to comply to the standards risks heavy fines and penalties. Payment brands can increase the cost of conducting businesses or even worst, stop doing businesses with your company. Imagine as a retailer you can not process any credit cards.
- Heavy Fines and Penalties
- Potential to loose the ability to process credit cards
- Loose brand recognition in the event of a breach. Huge potential future losses as brand value degrades. Unless you have a huge war chest to sustain a major blow, most small businesses will be forced to close.
HOW CAN NFORCE SOLUTIONS HELP?
Achieving and maintaining PCI DSS compliance can be a huge hurdle for smaller businesses without a dedicated security team. The requirements are constantly changing and threats are constantly evolving. nForce security experts has worked for some of the biggest well known global brands. As a collective group, we have extensive knowledge within retail security and PCI compliance. Our team has built and maintained PCI programs from the grounds up.
PCI DSS compliance is not a checkbox lists for IT security. It is a business process. Awareness, transparency, executive sponsorship is key in achieving and sustaining compliance since it requires a large effort by everyone. It opens an opportunity for business to drive process improvements, identify opportunities which can generate additional equity. Being in compliance can help you make more money.
Partnering with nForce Solutions can help alleviate some of the efforts of going through a compliance program. We provide guidance every step of the process to make sure you understand the implication and value of being in compliance.