The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements created to guarantee that all companies that require and utilize credit card information maintain a secure environment.
Launched on September 7, 2006, the Payment Card Industry Security Standards Council (PCI SSC) manages the continuous development of Payment Card Industry (PCI) security standards with the focus on enhancing payment account security in every part of the transaction process. The PCIDSS is administered and managed by the PCI SSC, an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB).
Remember, the payment brands and acquirers are accountable for enforcing compliance, not the PCI council.
Do You Conduct PCI Scans Regularly?
If you’re not having regular scans, your business may be out of PCI compliance and you may experience a data security breach. A breach means that someone has compromised your system and gotten a hold on of your customer data. You can lose a ton of money – or worse – your whole business.
Penalties and Fines
The penalties for a breach when you’re not PCI compliant can range from a slap on the wrist to significant fines. Issuing banks and credit card processors can be fined up to $500,000 for regulatory compliance violations. These costs are inevitably passed on to you, the merchant.
Merchants who lose their accounts are placed in the Visa/MasterCard Terminated Merchant File and are ineligible for another merchant account for several years. It irredeemably destroys your credibility, customer loyalty and, ultimately, your entire business. The results are devastating.
How Can You Stay Compliant?
Ensure PCI compliance with a web security service that satisfies most compliance mandates immediately. With Comodo cWatch, you get a secure environment for your site and extensive sets of reports that are required by compliance authorities.