Last updated on May 23rd, 2023
To remain competitive in the market, today’s businesses must accept credit cards for transactions. Maintaining a safe space for credit card transactions is crucial, given the surge in credit card theft, identity fraud, and stolen data. Customers will lose faith in retailers and financial institutions if this information is handled improperly.
What is PCI Compliance?
Payment card industry or (PCI) compliance aids in ensuring the security of each credit card transaction made by your company. No matter how big or small your firm is, it must adhere to 12 operational and technological standards to safeguard cardholder data and maintain a solid reputation. Here is all the information you want on What is PCI Compliance? and its significance for all kinds of businesses.
E-Commerce is one of the industries heavily dependent on CNP payments or Cards not present. While this speeds up the transaction process, it also puts the information at risk for a cyber attack.
The PCI DSS was developed to control how businesses handle the storage and protection of payment data.
PCI compliance for small enterprises requires them to adhere to conditions such as maintaining a firewall setting and encrypting any stored cardholder data. It also includes upgrading antivirus software regularly. Giving each access to a computer with a special ID is also recommended to make it more secure.
To know What is PCI Compliance?, it is essential to know its foundation of it. (PCI SSC) introduced a set of guidelines in 2006 to ensure all businesses that handle, store, or transport credit card details maintain a safe environment. This helped reduce card payment fraud. The SSC offers a thorough structure, resources, and assistance to enable businesses to securely accept credit card data.
What you need to know about PCI Compliance?
One of the few misunderstandings about PCI compliance is that it is required by law. This is not the case. The law does not necessarily enforce PCI compliance. However, an eCommerce owner must be in a binding agreement with their merchant service provider.
PCI DSS applies to all kinds of eCommerce businesses, big and small. It is required for small merchants to adhere to the 12 mentioned conditions even if they make just one transaction in a year.
Using a card processing outsourcing service won’t allow you to surrender accountability. Even if credit card data isn’t processed and stored on your servers directly, you still need to confirm that the 3rd service you use complies with PCI standards. This proves that It’s not that complicated to understand What is PCI Compliance.
Furthermore, you could accept phone orders even if you employ a secure payment gateway. Using an unsecured client contact mode, you automatically meet PCI compliance for eCommerce.
Many businesses nurture the belief that e-commerce PCI compliance is a one-time thing, and once the test has been cleared, there is no need to work on it anymore. This is a misconception, as PCI compliance is a continuous process and needs diligent incessant work.
For businesses that do not possess in-house resources, a lot of professionals can be contacted to get the service. You can pay a vendor to undertake a website and code audit regularly to ensure security and protection against hacker assaults if you don’t have the internal resources to do so. We have tried to debunk the myth about what is PCI Compliance for eCommerce business owners.
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The 12 requirements necessary for PCI Compliance
1. Maintaining a strong and safe network
This is the first of the 12 requirements. Ensure that your network is safe and secure from any data breaches and prepare the necessary documents. For anyone who is using PCI compliance eCommerce hosting, it is necessary, they need to identify their CDE or Card Data Requirement.
2. Refrain from using the vendor-supplied defaults
This is the second requirement under PCI DSS Compliance. eCommerce organizations are cautioned not to use provider defaults for computer passwords and security settings by the second PCI DSS compliance criterion. When combined with the prior one, this action will guarantee that your network is secure from any data breaches.
3. Protection of cardholder data
Many businesses mistake storing customers’ credit card details in one place. A more secure way is to save the customer’s ID and the confirmation received after the transaction is processed successfully.
4. Transmit Cardholder Data Securely
SSL/TLS technology must be used to comply with PCI requirements for eCommerce. Data between two networks over open networks is encrypted using these protocols.
Man-in-the-middle assaults may be thwarted with TLS, and SSL certificates validate the legitimacy of your website. Additionally, SSL is advised due to Google’s preference for online sites in its search rankings.
5. Vulnerability Management System
To comply with eCommerce PCI regulations, you must employ and keep up-to-date antivirus software and malware protection solutions. Utilizing such methods can shield you against the most typical weaknesses that hackers can identify and attack.
As a result, you must install virus protection on all servers and PCs in use, keep it updated often, stop users from deliberately turning it off, and ensure that nothing hinders the software’s performance.
6. Using the latest versions of apps
This is one of the simplest requirements to meet. An eCommerce business owner should ensure the latest and most updated version of apps are being used. This includes extensions, firewalls, antivirus software, and themes for all eCommerce platforms.
7. Limited use of data access
Any third party, staff member, or executive should not have the liberty to access the cardholder’s information. It should be strictly under the “need to know” policy and kept safe at all times.
8. Creating Unique IDs
Similar to the seventh requirement, this one also ensures the safety of cardholders’ sensitive information. All authorized users must have a unique ID to access their clients’ information.
9. Limited physical access
The client’s sensitive information should be held in a physically safe place, such as a locked cabinet or a protected room. Access to private information needs to be restricted.
10. Keeping track of access logs
All cardholder information transactions and major account numbers must be recorded in logs (PANs). All networks must have a proper audit process in place, where logs are continually checked for questionable activity. This is a vital requirement you should know if you wish to learn What is PCI Compliance.
11. Regular updates on security
To prevent any breach in the security system, regular tests should be conducted by experienced professionals. Even the most effective security measures might fail due to human mistakes, age vulnerabilities, or system failure. These restrictions can be found via continuous testing.
12. Emphasis on policies about documentation
Keeping all the documents updated is the last requirement under PCI Compliance. Keep records of your company’s security policies, procedures, and supporting paperwork.
You’ll notice a strong emphasis on your established security procedures and policies if you do a PCI audit immediately. Typically, QSAs will check that particular criteria are outlined in business policies and procedures during an assessment. They will then adhere to predetermined testing protocols to ensure that such controls are put in place in compliance with the established corporate policies and the PCI Data Safety Standard.
How does it benefit the eCommerce industry?
Now that the basics of What Is PCI Compliance are covered, it is time to discuss how it is advantageous for the eCommerce industry worldwide.
Small businesses feel intimidated initially because of PCI compliance. They think it can be difficult to adhere to all the requirements in a single attempt. The never-ending list of regulations and guidelines is intimidating at first. However, the advantages of protecting cardholder data significantly exceed the expense of establishing and maintaining the requirements.
PCI Compliance not only safeguards your clients’ information but also builds their trust in your business. This increases the chances of visitors becoming dedicated customers.
The eCommerce industry has made compliance a mandate and has heavy charges fined against businesses who refuse to adhere to the laid down conditions.
The businesses running without it are vulnerable to sudden data breaches or cyber fraud. This not only taints their reputation but also puts the cardholder at risk.
The worldwide card payment data security solution is also made safer by PCI compliance. Future security breaches can be avoided with the help of this continuing procedure.
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Are You Looking for PCI Compliance Assistance from iTechnolabs?
PCI Compliance and an eCommerce industry mandate are also great tools to safeguard clients’ sensitive information. iTechnolabs is a custom software development company specializing in front-end, back-end, and mobile app development. Let us take care of the security of clients and make it easier for you to understand What is PCI Compliance. With us helping you, you can focus on building a successful business.
