PCI DSS compliance helps businesses protect customers’ sensitive financial information. The Payment Card Industry Security Standards Council strongly encourages all businesses to abide by PCI DSS compliance standards to prevent customers’ credit card information, billing addresses, and bank account routing numbers from falling into the hands of thieves.
But what does PCI DSS stand for, and what is PCI DSS compliant? Continue reading to learn everything you need to know about PCI DSS compliance.
What Is PCI DSS Compliance?
PCI DSS compliance refers to an annual, multi-step process that ensures the safe processing of customer payment information. Every business in the United States must comply with PCI DSS compliance standards to avoid paying costly fines, losing customers’ credit card information to hackers, and safely conducting business operations. PCI DSS compliance protects customers from fraud, identity theft, and stolen financial data.
The founders of PCI DSS compliance, Discover Financial Services, Mastercard, Visa, American Express, and JCB International, created PCI DSS compliance in 2004 as credit card fraud reached historic highs. Universally adopted financial security measures help business owners navigate the complex field of cybersecurity. Secure networks bolstered by PCI DSS compliance requirements help small businesses grow and thrive.
The security standards of PCI DSS compliance remain straightforward but may vary slightly depending on the businesses’ card network. For example, American Express has four levels of reporting requirements, separated by the number of transactions processed by companies. Businesses processing 2.5 million or more transactions a year must undergo an annual on-site assessment of security systems. Businesses processing less than 10,000 transactions a year may perform yearly self-assessments.
The security standards of PCI DSS include the following:
- Create a secure network and computer system for conducting business operations
- Protect cardholder data from theft, misuse, and fraud
- Create and maintain a vulnerability management program
- Create reliable access control measures to reduce the mishandling of customer information
- Frequently monitor and test secure systems
- Create and maintain an information security policy
Understanding the Security Paradigm for the Acceptance of Digital Card Payments
The three-step process for adopting PCI DSS regulations includes assessment, redemption, and reporting. Fear not if you feel overwhelmed by the unfamiliar world of VPNs, encryption, and multi-factor authentication. The professionals at Succurri help business owners abide by all PCI DSS standards.
The security paradigm for the acceptance of digital card payments includes the following:
Complete computer system and network security evaluations help business owners improve their security capabilities. Minor vulnerabilities in a computer system, such as connecting to unsecured public networks or failing to update antivirus software, may lead to devastating losses of customers’ personal information. Cybercriminals frequently target small businesses failing to meet the safety measures of PCI DSS.
Thankfully, business owners have many options for improving the security and safety of their computer systems. Firewalls, anti-malware software, custom passwords, and encryption of customer data protect sensitive information from theft. Other resources available to improve the security policies of businesses include the following:
- Self-Assessment Questionnaires
- Monitoring Software
- Access Control Measures
- Qualified Assessors
Speak with experts from your card network, vendors, and merchants to change default passwords, monitor suspicious activity, and simplify payment systems. Comprehensive evaluations of your current payment system can help you identify security inadequacies. The team at Succurri offers affordable PCI DSS assessment services tailored to fit your needs.
The redemption process involves updating the computer, network, and payment systems to meet PCI DSS compliance. Self-assessments and evaluations performed by Qualified Security Assessors (QSAs) reveal vulnerabilities in your business’s computer system. Annual updating of hardware, software, and antivirus programs helps companies prevent cybersecurity threats.
Running a successful small business requires outstanding multi-tasking abilities, attention to detail, and long work hours. If you feel unsure about the next steps after your assessment, contact the friendly staff at Succurri. Our team has years of experience helping business owners install patches, secure payment terminals, monitor network activity, and much more.
The final step of achieving PCI DSS compliance involves the reporting of computer, network, and security changes made. Failing to submit the findings of a self-assessment or qualified assessors may result in costly fines, penalties, and possible jail time.
The Importance of PCI DSS Compliance
Becoming PCI DSS compliant protects small and large businesses from looming cybersecurity threats. In 2022, cybercriminals have successfully stolen over 6 trillion dollars. Many businesses spend as little as $500 annually to protect their company against digital threats.
Don’t fall victim to savvy online bandits; allow the multi-step process of PCI DSS compliance to guide you in protecting your business. With cyber-attacks occurring every 30 seconds, business owners must act promptly to minimize the risks of stolen customer data. Consider following this PCI DSS compliance checklist to keep your business running safely and smoothly:
Run Automatic Scans
Automated security scans run safety evaluations of your computer system daily. Automated vulnerability programs identify external, internal, authenticated, and non-authenticated cyber threats.
Protect Payment Terminals
Never leave the payment terminals in your business unattended. Always completely shut down payment systems before ending the business day.
Beware of Remote Access
Many POS (point-of-sale) systems allow business owners to access sales, customer information, and inventory from the comfort of their homes. Unfortunately, constantly active POS systems also remain available to digital thieves. Speak to your merchants about disabling remote features to reduce the likelihood of cyber attacks.
Achieve Full Compliance Thanks to Succurri
Succurri proudly serves the Mesa, Arizona community. Our experienced staff wields years of experience helping small and large businesses protect their assets from unruly cybercriminals. We maintain a strong understanding of Arizona’s laws regarding PCI DSS compliance and work tirelessly to help the companies in our community thrive.
Deter digital troublemakers by reaching out to the friendly staff at Succurri today! To learn more about our wide range of services, call Succurri to talk with our experts. At Succurri, we always strive to exceed our customer’s expectations.