Understanding PCI Compliance

Understanding PCI Compliance

The Payment Card Industry Data Security Standard (often shortened to “PCI DSS” or just “PCI”), is a set of data security requirements established and governed by Visa®, MasterCard®, American Express®, and Discover® to protect cardholder account information. Here are facts about PCI Compliance.

What is the PCI & How Does It Affect My Business?

PCI DSS includes best practices to identify vulnerabilities in processes, procedures, and web site configurations. These practices help businesses protect themselves against security breaches, safeguard customer data, and protect the integrity of electronic payments.

WHY SECURITY MATTERS

The security of cardholder data affects everybody.

The breach or theft of cardholder data affects the entire payment card ecosystem. Customers suddenly lose trust in merchants or financial institutions, their credit can be negatively affected — there is enormous personal fallout. Merchants and financial institutions lose credibility (and in turn, business), they are also subject to numerous financial liabilities.

“The security benefits associated with maintaining PCI compliance are vital to the long-term success of all merchants who process card payments. This includes continual identification of threats and vulnerabilities that could potentially impact the organization. Most organizations never fully recover from data breaches because the loss is greater than the data itself.”

 — Quick Service Restaurant (QSR) Magazine

Following PCI security standards is just good business. Such standards help ensure healthy and trustworthy payment card transactions for the hundreds of millions of people worldwide that use their cards every day.

Potential Liabilities

  • Lost confidence, so customers go to other merchants
  • Diminished sales
  • Cost of reissuing new payment cards
  • Fraud losses
  • Higher subsequent costs of compliance
  • Legal costs, settlements, and judgments

Found on: PCI Standards

Maverick BankCard has partnered with Trustwave to help merchants become secure and PCI compliant. With our easy online portal, you can be PCI compliant in three easy steps! Please click here to check out the Trustwave portal!

Leave a Reply

Your email address will not be published.