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Important Things to Know About PCI Compliance

Most business owners have heard the term PCI compliance at some point, but they may wonder exactly what this means. While they may understand PCI compliance, there are still plenty of misunderstandings and misconceptions around this. Keep reading to learn more about PCI compliance and how important it is for business here.  

PCI Compliance and What it Means for Businesses

Usually, PCI Compliance is in reference to PCI DSS, which stands for Payment Card Industry Data Security Standard. It is a universal and clear set of specific security standards created by the main credit card companies. The Payment Card Industry, or PCI, is another standard that works to protect sensitive consumer information include payment information, while Data Security Standard, or DSS, is a protocol that virtually every merchant that actively collects any credit card information needs to protect data, including how to set up the POS system properly.

While there are more than a few things to keep in mind when it comes to PCI compliance, a company can’t take chances. One way to ensure there are no issues or vulnerabilities is with a pci test. Some other helpful information can be found here.

All Businesses Are Responsible for Compliance 

If a business makes any type of financial transaction, it must be PCI compliant. This is true even if they make just a single transaction. It is a business owners’ responsibility to learn what the regulations are and to adhere to them.

Also, PCI and DSS state that a person is responsible for the compliance of all vendors that provide a business with services or software, along with any individual or company that is hired.

For example, if a business uses a third-party service for processing credit card payments, it must adhere to the PCI standards. If not, the business owner will face penalties if the software is considered non-compliant.

The Need for Multilevel Authentication

Up to 63 percent of all breaches are caused by stolen, default, or weak passwords. That’s why single-factor authentication is no longer secure enough. Today, multi-factor authentication requires several technologies to officially authorize a person’s access to systems and card data. Some examples of factors include something that the person knows, such as a passphrase or password, or something they have, such as a smart card or token, or something a person is, like a biometric.

For remote access, multifactor authentication is already a requirement. However, it is also necessary for anyone with non-console administrative access to the systems that are responsible for handling card data. In these cases, the password isn’t enough to verify a user’s identity and to grant access to the sensitive information that’s being stored.

When it comes to PCI compliance, it is something no business can afford to ignore. Failure to remain compliant can lead to several issues and penalties, so be sure to keep this in mind. Being informed and knowing what factors to consider are the best way to ensure the desired results are achieved.