Why PCI Compliance is a Must
Given the payment industry’s susceptibility to fraud and the global spike of non-cash transactions triggered by the COVID-19 crisis, there is a pressing demand for enhanced security of payment account data.
The need to operate within a compliance framework is becoming crucial for sellers and buyers, and the framework set up by the PCI Security Standard Council, a “global forum that brings together payments industry stakeholders to develop and drive adoption of data security standards and resources for safe payments worldwide”, founded in 2006 by industry’s giants Visa, MasterCard, American Express, Discover and JCB International, seems to be ideal.
PCI Security Standard Council believes its duty is to develop and monitor “global payment account data security by developing standards and supporting services that drive education, awareness, and effective implementation by stakeholders”. PCI provides 12-step payment standards that cover, amongst other, network security, data protection, access control, software vulnerability, monitoring and information security policy, categorising participating merchants into four levels depending upon their annual transaction volume, with a separate set of regulations for each level.
What does this mean for you?
If you deal in any way with non-cash payments involving Visa, MasterCard, American Express, Discover or JCB payment cards, then – you must be PCI compliant.
Although not required by law, compliance with PCI SSC standards will, first and foremost, help you avoid fines levied by these payment systems on non-compliant merchants. Secondly, your company’s PCI compliance will greatly contribute to a more organised and safer business environment. Thirdly and most importantly, following PCI SSC standards will enhance your own system’s security, thus increasing customers’ trust and safeguarding you from possible losses and lawsuits arising from security breaches and stolen data.