How Can Your Efforts for PCI Compliance Ultimately Save Your Business Money?
Regardless of the size of your enterprise, no system is completely immune to cybercrime. Fraud resulting from stolen payment card data costs companies billions of euros every year. If your business accepts, stores, or transmits payment cardholder data, you must comply with PCI requirements. Although PCI compliance may seem like an additional, unnecessary task that distracts from running your business, it is a necessary measure to protect both you and your customers from the immeasurable damage caused by data breaches.
The simplicity of card usage, the widespread availability of ATMs, and POS terminals have led to massive expansion of this payment method. This expansion was followed by a period of defining and aligning various security standards that prescribe the way data should be stored and protected during card payment transactions. These standards encompass all participants in the card process—from e-commerce merchants to banks, as well as suppliers providing technical support to these institutions.
In 2006, the Payment Card Industry Security Standards Council (PCI SSC) was established. The PCI Security Standards Council is an independent body founded by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB), responsible for managing and administering PCI DSS. However, it is the card brands, not the PCI Council, that are responsible for ensuring compliance.
PCI DSS Compliance Levels
PCI DSS compliance is divided into 4 levels based on the annual number of payment card transactions handled by the business processes. The levels determine what an organization needs to do to achieve compliance.
- Level 1 applies to merchants processing more than six million credit or debit card transactions annually. These merchants undergo an annual audit conducted by authorized PCI DSS auditors and must also undergo quarterly PCI scanning by an Approved Scanning Vendor (ASV).
- Level 2 is for merchants processing between one and six million payment card transactions per year. They must conduct an annual assessment using a Self-Assessment Questionnaire (SAQ) and may also need to perform quarterly PCI DSS scanning by an ASV.
- Level 3 applies to merchants processing between 20,000 and one million transactions per year. They need to conduct an annual assessment using a relevant SAQ and, if necessary, quarterly vulnerability scanning.
- Level 4 is for merchants processing fewer than 20,000 e-commerce transactions or up to one million other types of transactions annually. They must complete an annual assessment using the appropriate SAQ and may also need to perform quarterly PCI DSS scanning by an ASV.
PCI DSS Requirements
The Security Standards Council has defined six groups of requirements based on best practices in data protection:
- Build and maintain a secure network
- Protect cardholder data
- Maintain a vulnerability management program
- Implement strong access control measures
- Regularly monitor and test networks
- Maintain information security measures
Benefits of PCI DSS Compliance
- Enhanced Information Security
- Better Relationships with Clients and Stakeholders, resulting in increased trust
- Prevention of Fines and Penalties
- Proof that Your Security Practices Meet Global Standards
PCI DSS was established to set rules within financial institutions and serve as a minimum standard for the payment processing industry, ensuring that the payment system is stronger and better protected against data breaches, which can lead to payment card fraud. By taking preventive measures to better protect your business, you save time and money.
If you want to achieve PCI DSS compliance, you can send us a request for a quote with your basic information so that we can respond to your inquiry quickly and connect you with the appropriate person.