PCI-DSS is the new buzzword in payment processing, but with all the information out there, you might be asking yourself some questions about compliance and data security. We're here with some answers.

What is PCI?

PCI-DSS is a set of technical and operational standards designed by the Payment Card Industry Security Standards Council to protect cardholder data. The Council is made up of Visa, Mastercard, Discover, American Express, and JCB.

Why is compliance important?

  • A typical data security breach costs a small business merchant between $25,000 - $50,000, but can be much higher depending on how many card numbers were compromised.
  • Non-compliance makes a business vulnerable to fraudulent activity and data breaches.
  • 92% of cardholder data breaches occur in small business locations. They aren't the breaches we hear about on the news, but they are the most common.
  • PCI-DSS compliance is mandated by the card associations. The standard is overseen by an independent council of the five major card brands: Visa, MasterCard, American Express, JCB, and Discover.

Who needs to become compliant?

  • If you accept credit cards as a method of payment for goods or services, you must comply with the PCI Data Security Standards.

How do I become compliant with PCI-DSS?

Watch the PCI Rock!

 

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