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Every year, millions of people worldwide fall victim to credit card fraud. According to a report, global card fraud losses are predicted to exceed 35 billion dollars in 2020. Every merchant is mandated to protect client payment information to prevent credit card fraud. For this reason, various guidelines have been laid out to protect cardholder data. An example of such a policy is the Payment Card Industry Data Security Standard (PCI DSS).
Check out our latest video to learn more about (PCI DSS):
Launched on September 7th, 2006, the Payment Card Industry Data Security Standard (PCI DSS) is a series of security guidelines established and maintained by the PCI Security Standards Council. The PCI Security Standard Council is an independent agency established by all major card brands (MasterCard, VISA, American Express, JCB, and Discover). These guidelines are intended to ensure that all businesses that transmit, process, or store debit and credit card information develop and maintain a secure environment to reduce the likelihood of the financial data getting stolen.
Why Is the Payment Card Industry (PCI) Compliance Important? Credit card companies are mandated to enforce Payment Card Industry (PCI) compliance to help ensure the security of credit card transactions in the payment industry. All companies that accept card payments or those that transmit, process, or store cardholder data must comply with these regulations. According to a report, only 39.7% of American companies are 100% PCI compliant.
What Are The Requirements for PCI Compliance? To ensure PCI compliance, a company needs to adhere to the guidelines set by the PCI Standards Council. These guidelines are considered the best security practices. Its six significant requirements include the following:
Build and Maintain a Secure Network and Systems
Protect Cardholder Information
Maintain a Vulnerability Control Program
Implement Robust Access Control Measures
Regularly Monitor and Test Networks
Maintain an Information Security Policy
PCI compliance is a core security component for all companies that handle cardholder data. If merchants don’t manage cardholder data according to PCI guidelines, cardholder information could be easily hacked and used in identity fraud or a multitude of fraudulent actions. Non-compliance can also result in substantial fines for agreement violations and negligence.
Although becoming PCI compliant may seem overwhelming for your business, having the right IT company as a compliance partner will make the process easier.
At Network Outsource, we offer years of expertise and experience in helping businesses in New York City, New Jersey, and Long Island become PCI compliant.
Consult with us today, or call us on (516) 207-1839, and let us help you keep your company compliant and your clients’ data safe.