What it takes to Become PCI Compliant
Complying with the set standards is done to ensure the customers are safe. Various considerations have to be adhered to before one starts handling the cards for the clients. Moreover, strict regulations are set by PCI DSS, to give insight into the businesses that wish to offer such services. The following paragraphs will discuss the various elements of importance, to become legible to deal with credit cards.
The Type of Business
Do you know the size of your business? Well, if not, you need to establish the number of transactions that you take per day. Additionally, the annual earnings are essential in determining the size and performance. With that said, it is necessary to state that different businesses incur different costs to become PCI compliant.
Number of Transactions
For example, based on the study that was conducted involving 200 firms, it was noted that most of them spend close to $500,000, to become fully compliant. Additionally, based on the regulations, companies are classified in levels. Level 2 businesses are those which makes 1 to 6 million transactions annually. They spend close to $105,000 for verification. Furthermore, level three comprises of the companies that make 20,000-1,000,000 deals annually. These contribute an estimate of $81,000. Far and above, level 4 are those institutions that make less than 20,000 transactions in a year and are expected to spend $44,000. Understand your degree to get acquainted with what the regulations will need from you.
Existing IT Department
Information technology professionals are essential in any business. One of the requirements from the PCI DSS council is that any company that involves in data should have a well-organized IT team. This requires software engineers and cybersecurity experts. They monitor and track every activity that happens online. The principal objective is to protect the exchange of data, between the client and the company offering the services. The costs that come along with information technology are things like software upgrades. Besides, you have to prove to the auditors of your business’s capability to secure the customers.
Current Card Data Processing and Storage Practices
Adopting the right techniques to secure card data is not optional for the business that wants to survive in the market. The trader is expected to prove to the PCI regulator about his or her capability to enhance security. To come up with a stable and workable platform, one needs a substantive amount of money. The charges emanate from the stepping up the storage in the cloud system. Moreover, regular maintenance of the servers comes along with the cost. It should be understood that data breaches attract fines of $90 to $305, per customer data. For example, if the business is large and deals with many customers, this could be a huge fine. It’s, therefore, crucial to adhere to all set standards.
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