Because it eliminates geographical limitations, internet development allows eCommerce businesses to grow without limits.
Accepting card payments online is a concern for businesses, as fraudsters will always seek to steal customer data. This is when both customers and sellers care more about PCI compliance.
What is PCI Compliance? What is PCI Compliance? Let’s work together to find the answers to these questions.
What is PCI Compliance?
What is PCI Compliance?
PCI stands for Payment Card Industry. PCI Compliance, as the name implies, refers to a set guidelines and standards that businesses can follow to protect their credit card transactions.
PCI Compliance covers two sides. Technical and operational. These standards will be followed by businesses to protect and manage cardholder data during online transactions.
Another piece of information is that the PCI Security Standards Council has developed all PCI compliance standards. Businesses that comply with the PCI Security Standards (Payment Card Industry Data Security Standards), are considered to be PCI compliant.
Why is it important to be PCI compliant?
eCommerce continues to be the dominant market in the last few years, and it’s not an exaggeration to say so. This trend is accompanied by a growing concern about the security of customer information when it comes to online payment transactions.
This is when PCI Compliance comes into play.
eCommerce companies can enjoy several benefits by being PCI compliant.
- Reduce data breaches. Protect cardholders’ data (our customers) against cyber threats.
- You can avoid fines for data breaches or weak security. Being PCI compliant means you are protecting customer data as securely as possible.
- When customers make payment online through your website, you can improve their brand reputation and build trust.
- Secure your customers and business, while contributing to global payment card security solutions
- While you are working towards PCI Compliance, you’ll be more prepared to comply with other standards such as SOX and HIPAA.
Although PCI compliance is not required by law, courts have made it mandatory. This is because it’s your responsibility to protect customers’ sensitive financial information when you accept card payments.
Checklist for compliance with PCI DSS
PCI compliance means you must adhere to the standards and guidelines established by the PCI Standard Council. These requirements are known as PCI DSS. They include:
- 12 Key requirements
- Base requirements: 78
- 400 Test procedures
These are used to determine if an organization is PCI compliant. We will be focusing on 12 requirements to ensure PCI compliance in this post.
Checklist for compliance with PCI DSS
12 PCI DSS requirements include:
- Protect your data with firewalls – Proper implementation of firewalls will protect your data from unauthorized access
- Password protection is an upgrade to security. This eliminates the disadvantages of default usernames or passwords that are easy to guess and can be easily hacked.
- Secure cardholder data with encryption algorithms To confirm that there is no unencrypted data, primary account numbers (PAN), must be kept and scanned frequently.
- Secure transmitted cardholder data by encryption – Cardholder data must be encrypted before it is sent over open or public networks. This means that all cardholder data must be encrypted before being sent to any location.
- Anti-virus software is essential for the protection of smartphones, laptops, and workstations. These are the devices your employees use to access the system. Malicious software can attack them.
- Maintain security systems and update software properly – Anti-virus software and firewalls include security features (such as patches) that can fix vulnerabilities and improve protection. It is your responsibility to ensure that they are updated on a regular basis.
- Limit access to card data – Only authorized persons should have access to cardholder data. The PCI DSS requires that all individuals who have access to sensitive data be documented and kept current.
- Unique IDs are required to access data. Individual credentials and identification should be required by anyone who has access to cardholder information. This will reduce vulnerability
- Limit physical access to data – Cardholder data must be kept physically safe. Also, digital and physical information must be kept in a cabinet or safe room.
- Monitor and create access logs. Log entries are required for all cardholder data and PAN activities. Document all data flows within your organization, as well as the access times. Software products that log access are also necessary for accuracy
- Regularly scan and test for potential vulnerabilities – Cybercriminals have an easier time stealing customer data via wireless and physical network vulnerabilities. You should have an audit policy in place to check for suspicious activity and anomalies.
- Security systems and regular testing – All systems and procedures must undergo periodic testing as required by the PCI DSS.
How can you achieve PCI Compliance?
The PCI Compliance Security Standard Council states that any organization or company that takes credit card payments online, or stores credit card information, must be PCI compliant.
Businesses will need to verify that they are PCI compliant every quarter or annually by having a professional assessor hired or hiring a company to check if transactions are being conducted properly.
How can you become PCI compliant
- Your PCI level. The number of card transactions that your business processes each year determines the 4 levels. These will impact how you approach PCI DSS compliance
- Determine your self-assessment questionnaire (SAQ). Induce seven types based on your merchant level and the way you process cards. Each class has its own requirements that you must follow in order to be PCI compliant
- To meet the requirements of PCI DSS certification, create a secure network. This can include everything from security scanning to maintenance and remediation. You will need an information technology contractor to assist you with the heavy lifting
- Attestation of Compliance (AOC), a document that confirms results of a PCI DSS Assessment, is required.
- It can be difficult to get PCI compliance. It’s worthwhile to travel if you want your customers’ trust and protect your data from hackers.
We recommend that Magento store owners install SecurePay extension which is PCI DSS compliant. Merchants will find this a cost-effective way to send transaction information to SecurePay to process transactions.
What is the cost of PCI Compliance?
What is the cost of PCI Compliance?
Costs to become PCI compliant will vary depending on the size of your business, card processing methods used, and other factors.
Small businesses can pay up to $300 annually for PCI DSS compliance, especially:
- Self-Assessment Questionnaire (SAQ): $50 – $200
- Vulnerability scanning: $100-200/an IP address
- Training and policy development: Approximately $70 per employee
- Remediation (Varies depending on how hard work is required to achieve compliance and security). Prices range from $100 to $10,000
Large enterprises will need to have a PCI DSS assessment. The total cost of the service is over $70.000.
- Onsite audit: Around $40,000
- Vulnerability scanning: About $1,000
- Penetration testing: $15,000
- Training and policy development: Around $5,000
- Software and hardware upgrades, etc. Remediation (software and hardware updates, etc.): Starting at $10,000 to $500,000
The cost of PCI compliance at the enterprise level is high. It is not worth the risk of losing your customers’ information or damaging your business’s reputation over time because PCI compliance costs are high.
Bottom line
The PCI DSS standards are applicable to all companies that request credit card information. Its primary goal is to ensure the privacy and security of cardholder data.
PCI compliance is a wise decision, regardless of what. This is a sign that your business values the security of customer data. This action will benefit your online store by enhancing your brand image.
