PCI Compliance FAQs and Myths

by on 08/03/2017 in eCommerce, Online Security Tools, Security

The Payment Card Industry Security Standards Council developed PCI compliance standards over 10 years ago to protect businesses and the sensitive data they handle. Yet, because different PCI standards apply to different types of businesses, vary based on the type, size and volume of their transactions, and change frequently to keep pace with cybercriminals’ latest tactics, implementing and interpreting them can be a challenge for any size business.

Despite that challenge, the cost of confusion around PCI compliance can be astounding for a business. If a business is victim to a cybersecurity breach and is found not to have been PCI compliant at the time, fines can be imposed by credit card issuers and financial institutions in amounts as high as $100,000 a month. Additionally, a breach could result in any number of additional fines and lawsuits brought on by customers and other parties who suffer damages related to it.

In this presentation, we’ll take a closer look at what it means to be PCI compliant, and why it matters for the protection of your company and your customers. We’ll also address some of the most frequently asked questions businesses have associated with PCI compliance, including:

  • How to determine which standards apply to your business model, particularly if you accept payment in multiple channels and different locations
  • How to test vulnerabilities to ensure you remain PCI compliant as cybertheft and security challenges evolve
  • How to determine whether you are PCI compliant, and what it means to conduct an audit

We’ll also disperse some of the most common myths regarding PCI compliance, including the size and type of businesses it applies to, how the vendors you work with impact whether your business processes are PCI compliant, and which departments and employees in your company must understand the scope and impact of PCI compliance.

PCI compliance can be an intricate topic for any business to address, but it’s a safety precaution your business cannot afford to ignore when it comes to protecting your business’s exposure to risk. With these tips, your business will be enabled to use PCI-compliant standards to help manage exposure to the risk of cybersecurity issues.

Check out the presentation created by financial institution payment processing company, BluePay, here.

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