What Is PCI Compliance & Will It Impact My Business?

By Team B.E On Sep 21, 2023

Payment Card Industry (PCI) compliance is a set of standards that outlines how merchants must handle credit cards. If you process card payments, you must meet the PCI Data Security Standards (DSS). This article looks at PCI Compliance and what it means for your business.

What Is PCI Compliance?

The PCI Security Standards Council was first set up in 2006 and laid out guidelines for handling card payments. It was set up by the big-five credit card companies of the time, including big names like Visa, American Express and MasterCard. The guidelines have evolved as technology changes to ensure that every merchant meets the code of conduct for processing credit cards.

What Are Some Of The PCI Standards?

The current guidelines for PCI have been in place since 2018, with the new PCI DSS Version 4 coming out in March 2024. It is important to prepare for some of the new guidelines, which include:

Specific security controls for customized payment authorization
More robust authentication measures, like mandatory multi-factor authentication, reviewing access privileges and stronger passwords
Encrypting stored sensitive data
Automatic detection for phishing attacks.

These are just some PCI DSS Version 4 issued as guidelines in preparation for the changing technological landscape.

How Can I Get Ready For The New PCI Standards?

Semi-integrated payments can help you meet the new PCI DSS standards. This is because they operate by transmitting data to the payment gateway and not the Point of Sale terminal. This provides an extra layer of security and encryption that helps you stay ahead of the 2024 release of the Version 4 requirements.

It is also essential to review all your current methods for processing payments, ensuring that all sensitive payment information is encrypted and stored securely. Assess your anti-virus software and firewalls to ensure you have the correct automatic protocols to protect against phishing attacks and other types of malware.

Why Is PCI Compliance Important To My Business?

PCI Compliance is an essential standard for managing client payments securely. It is constantly reviewed and evolves to meet the challenges of preserving data in an increasingly digital landscape.

As your business sales grow, you will store a more extensive, sensitive set of client and business data. Maintaining the proper data security and protecting against breaches can avoid damage to your reputation, costly legal fees and even your business going under.

Maintaining PCI Compliance is the best way to maintain the security of your client and business payments and transactions, potentially one of the most sensitive and critical sets of data you and your clients have.

Final Thoughts

PCI Compliance sets clear guidelines for handling business transactions and protecting data. As cybercrime and phishing scams rise, PCI DSS Version 4 is the best way to keep up with this changing landscape. Start to assess the new criteria and take steps to prepare your business for the new changes, and protect your clients, your reputation and your business in the process.