Is it mandatory to be PCI compliant?

PCI compliance is Mandatory

Many traders question the requirements that every PCI DSS industry has to operate under strict regulations. In the wake of big data, all businesses that deal with credit cards have no choice. The owners have to remain alert to the changes that happen in the marketplace. Moreover, customer’s protection is instrumental in determining the validity of card transactions. Despite several assumptions from the critics, data security is still more area that needs improvements. Through this blog, we shall give some of the insights that are essential. There are six categories of PCI regulations.

Secure Card Processing Network

Organizations are always exposed to external risks, due to lack of reliable networks. The intruders use the open network, to access the information of their choice in the database. Likewise, the perpetrators can inject viruses that can stop the performance of the machines. The PCI DSS council requires all the businesses, to build a secure firewall, for the security of customer’s data. Additionally, companies have to prove the compliance, by submitting regular audits.

Protection of Client’s Data

Exchange of information within and outside the organization should be performed in a secure environment. Encryption is one of the most upheld methods, to hide critical information. The standards only allow relay of data to be presented while concealing the customer’s data. Additionally, consulting industry standards mitigate the chances of violating the law.

Protection of Systems against Malware

Working computers are prone to viruses that are intentionally channeled to the system. One of the most dangerous is Malware, which halts all processes. To protect your business from such anomalies, ensure regular updates. Moreover, the trader can source for more reliable antivirus programs from the market. Besides, the IT team should help the company to patch for vulnerabilities.

Enhance Access Control

Handling of cards is a delicate job because it involves dealing with customers’ data. The number of people accessing the central computer should be limited. This minimizes the chances of internal hacking, which harms the reputation of the business. It’s also important to track the employees who access the card data and ascertain their motives.

Continued Monitoring and Testing of Networks

Having a stable network is one thing, and auditing is another. An organization cannot rely on traditional methods of network security and expect to progress. Regular checks are required, to identify the loopholes of data leakage and seal them in advance. Similarly, testing the networks with varied sizes of data improves the performance. The business becomes aware of areas to improve on.

Have a Solid Information Security Policy

To survive in the market of handling data, stringent regulations are needed. Apart from the policies that are given by PCI council, every organization should have an internal system. Employees should be exposed to the need of maintaining the security of customer’s data. It can be done by holding a regular seminars or providing them with printed guidelines.

Is PCI Compliance Necessary?

Well, to answer this question, we need to look at a case scenario. Assume you are the customer, and you lose a substantial amount of dollars from your card. If the company causes the mistake, you take a shift to solve the case in a court of law. The business suffers by losing customers and being charged hefty fines.  From the professional point of view, PCI compliance is not optional. All traders dealing with cards should register and be verified by the PCI DSS council. It doesn’t matter of the volumes of your sales, but the critical thing is security.

Costs of Complying with PCI

Several costs are associated with becoming PCI compliant. Although the setup of business and ways of operations might differ, some expenses are similar. For example, any company would require an expert to set up a secure network firewall. Some processors may charge monthly compliance fee. The most familiar one is non-compliance fee, which is levied for violating the policies. It’s an expensive warning to remain compliant. Lastly, if you experience a data breach, the provider imposes enormous fines. Moreover, you are required to process new cards for the customers. To be on the safe side, follow the stipulated policies and minimize the likelihood of data breach. Subscribe to our blog for more information.

 

 

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