PCI FAQs And Myths
The Payment Card Industry Security Standards Council developed PCI compliance standards more than a decade ago to protect businesses and the sensitive data they handle. Yet, because different PCI standards apply to different types of businesses, vary based on the size, type and volume of their transactions, and change frequently to keep pace with cybercriminals’ latest tactics, interpreting and implementing them can be a challenge for any size business.
Despite that challenge, the cost of confusion surrounding PCI compliance can be staggering for a business. If a business is victim to 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 high as $100,000 a month. Furthermore, a breach could result in any number of additional fines and lawsuits brought on by customers and other parties who suffer damages related 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 protection 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, particularly 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 vulnerabilities to ensure you remain PCI compliant as cybertheft and security challenges evolve
We’ll also dispel some of the most common myths surrounding PCI compliance, including the size and type of businesses it applies 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 complex topic for any business to address, but it’s a safety precaution your business cannot afford to ignore when it comes to protecting your business’s exposure to risk. With these tips, 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.