The Importance of PCI Compliance – PCI FAQs And Myths

The Payment Card Industry Security Standards Council established PCI compliance standards over ten years ago to protect businesses and the sensitive data they deal with. Still, because different PCI standards apply to different types of businesses, vary based on the size, type and volume of their transactions and change often to keep pace with cybercriminals’ latest schemes, interpreting and implementing them can be a challenge for any size business.

Despite that task, the cost of confusion around PCI compliance can be astounding for a business. If a business is a target of a cybersecurity breach and is found not to have been PCI compliant at the time, fines can be imposed by credit card issuers and financial institutions in amounts as much as $100,000 a month. Additionally, a breach could result in any number of fines and lawsuits brought on by customers and other parties who suffer damages connected to it.

In this presentation, we’ll take a closer look at what it means to be PCI compliant, and why it matters for the security of your company and your customers. We’ll also address some of the most frequently asked questions businesses have related to PCI compliance, including:

• How to determine which standards apply to your business model, specifically if you accept payment in multiple channels and different locations
• How to determine whether you are PCI compliant, and what it means to conduct an audit
• How to test frailties to ensure you remain PCI compliant as cybertheft and security challenges grow

We’ll also disperse some of the most common myths regarding PCI compliance, including the size and type of businesses it pertains to, how the vendors you work with impact whether your business processes are PCI compliant, and which departments and employees in your company must understand the scope and impact of PCI compliance.

PCI compliance can be a complicated topic for any business to address, but it’s a safety provision your business cannot afford to ignore when it comes to protecting your business’s exposure to risk. With these guidelines, your business will be empowered to use PCI-compliant standards to help manage exposure to the risk of cybersecurity issues.

Author bio: Kirsten Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm. She has more than 20 years of experience in the bankcard industry in direct sales, sales management, and marketing. Follow her on Twitter at @BluePay_CMO.