PCI Compliance
What is PCI Compliance?
The PCI Digital Security Standard (PCI DSS) comprises globally recognized security protocols designed to safeguard sensitive payment account data. These standards are mandatory for any organization handling cardholder information.
As of March 2022, the latest version is PCI DSS v4.0, with v3.2.1 remaining valid until the end of March 2024. PCI DSS outlines 12 requirements, testing procedures for each, and best practice guidelines for implementation.
To achieve PCI compliance, an organization must establish and uphold security measures that meet or surpass these standards. Network 512 PCI compliance services can assist your organization in navigating this process and ensuring ongoing compliance throughout the year.
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Why is PCI Compliance Important?
Whether you run a big or small business, if you take credit card payments or provide services to those who do, it’s on you to protect your customers’ payment data with PCI security standards.
With cybercrimes and security breaches being so common, following PCI Data Security Standards is a must to keep your customers’ payment info safe.
Stay PCI compliant to protect your business from losing customers, damaging your brand, facing lawsuits, and dealing with huge financial hits.
Network 512 Security will guide you through the compliance process efficiently and thoroughly, ensuring that both your data and your customers’ data remain secure.
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How Do I Become PCI Compliant?
Getting and staying PCI DSS compliant can be a bit complicated, but the standards are made to be flexible and customizable.
Understanding the Requirements
First things first, wrapping your head around what’s needed. There are 12 requirements, split into 6 main goals:
Keep your networks and systems safe by putting in place strong security controls and configurations.
Safeguard cardholder data by securing stored informationand using encryption for data transmission.
Set up a program to manage vulnerabilities, protecting against malware and ensuring secure development practices.
Control who has access to systems and data, only giving access based on necessity, using reliable user identification methods, and limiting physical access to sensitive information.
Regularly check and test your systems and networks for security weaknesses, and make sure to keep logs and test reports safe.
Establish and uphold a security policy that lays out standards and expectations for your entire organization.
Understanding these rules helps each organization create a security plan that fits its needs and resources while following the rules.
A Network 512 Security PCI DSS consultant can figure out the best way to include these rules in your organization’s processes.
Implementing the Requirements
The PCI Security Standards Council recommends a three-step process for achieving PCI compliance:
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- Assess – Start by taking inventory. Identify any sensitive cardholder data, processes, and assets associated with the payment processes. Check them for security vulnerabilities and keep clear records of any issues that are found.
- Remediate – Follow the requirements to improve security. It’s recommended to focus on eliminating security vulnerabilities and ceasing the storage of sensitive data to whatever extent is possible.
- Report – Document the entire process to produce the required reports, then submit them to the applicable financial institutions or card brands to achieve PCI certification.
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Specific requirements may vary, so it’s best to confirm procedures with specific financial institutions and card brands to ensure a smooth validation process. Network 512 Security’s PCI compliance services will ensure your organization knows what steps to take to achieve compliance efficiently.
What Happens if a Company Is Not PCI Compliant?
Neglecting to adhere to PCI security standards can expose sensitive cardholder data to potential risks arising from inadequate security measures. Furthermore, in the event of a security breach or cyberattack, a non-compliant entity could be liable for expenses such as card replacement, audit fees, investigative costs, and additional penalties imposed by PCI stakeholders.
Moreover, the failure to sustain compliance could tarnish an organization’s reputation significantly, particularly if it becomes associated with a data breach incident.
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