Posts Tagged "PCI"

The PCI seal of approval indicates that a company is PCI compliant and its customer payment card data is adequately protected. However, the benefits of maintaining PCI compliance are far-reaching for both the customer and the organization:

“The security benefits associated with maintaining PCI compliance are vital to long-term success of all merchants who process card payments.” -Quick Service Restaurant (QSR)Magazine

In 2015 approximately 80% of companies failed their interim PCI Compliance Assessment. One expert cited inadequate operations and maintenance of the security systems as the cause and suggested that the lack of enforcement within businesses cause 99% of compliance breaches. Violation of PCI compliance standards can result in brand damage and more; even though it is not an actual law.

The PCI Security Standards Council lists 10 potential liabilities answering the question why is PCI compliance important? These liabilities include Non-Compliance Fines ranging from $5,000-$500,000 that increases the longer the company is not compliant. There can also be Breach Consequences resulting from card holder data breach. Consequences include: additional fines ($50-$90 per card holder), suspension of card processing capabilities, brand damage, law suits;loss of both public trust and customer loyalty. Companies are able to calculate their potential liability by utilizing the online Penalties Calculator.

By adhering to PCI security standards, companies can avoid the costs associated with non-compliance, which can eventually result in the business closing down. Instead by maintaining PCI compliance, they can enjoy long-lasting success driven by customer trust and loyalty.

WHOA.com is a secure cloud computing solutions provider. Please contact us for a multi-layered approach to PCI compliance security.

PCI compliance or payment-card industry compliance involves adhering to a set of specific security standards. It is required by all card brands and applies to all companies (no matter the size) that accept credit card payments. These standards were developed in order to protect card information for a financial transaction during and after it. To follow PCI, involves six direct requirements.

1. They must protect cardholder data. Protecting this data usually involves encrypting transmissions of cardholder data across public networks and taking initiative to protect any stored data for customers.

2. Building and maintaining a secure network is a vital requirement for PCI. To do this a business must install and maintain a firewall configuration. This protects customer data. They must also attend to smaller security details such as not using the default passwords for systems and changing their passwords often.

3. Another PCI requirement is to sustain a vulnerability management program. There are many options available for anti-virus software and a variety of choices for secure applications. A business must actively work to keep these elements in check.

4. Maintaining an information security policy will help a business keep their security in check. They should always hold themselves against this policy and it’s standards.

5. A company should always be regularly monitoring and testing its networks. This involves not only the networks themselves, but the security systems and processes involved as well.  Access to cardholder data should always be closely watched.

6. Implementing strong access and control measures is an important facet of PCI. Cardholder information should be held on a need-to-know basis, the less people that have access the better. Each person with access should have a unique ID.

WHOA.com has a cloud-based infrastructure and is able to consult and help you handle PCI requirements with ease. Contact them today to find out more.

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