Answer Fort Smith invests thousands of dollars annually in ensuring YOUR data is secure.
What is PCI DSS?
The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards formed in 2004 by Visa, MasterCard, Discover Financial Services, JCB International and American Express. Governed by the Payment Card Industry Security Standards Council (PCI SSC), the compliance scheme aims to secure credit and debit card transactions against data theft and fraud.
While the PCI SSC has no legal authority to compel compliance, it is a requirement for any business that processes credit or debit card transactions. PCI certification is also considered the best way to safeguard sensitive data and information, thereby helping businesses build long lasting and trusting relationships with their customers.
PCI DSS Certification
PCI certification ensures the security of card data at your business through a set of requirements established by the PCI SSC. These include a number of commonly known best practices, such as:
- Installation of firewalls
- Encryption of data transmissions
- Use of anti-virus software
In addition, businesses must restrict access to cardholder data and monitor access to network resources.
PCI-compliant security provides a valuable asset that informs customers that your business is safe to transact with. Conversely, the cost of noncompliance, both in monetary and reputational terms, should be enough to convince any business owner to take data security seriously.
A data breach that reveals sensitive customer information is likely to have severe repercussions on an enterprise. A breach may result in fines from payment card issuers, lawsuits, diminished sales and a severely damaged reputation.
After experiencing a breach, a business may have to cease accepting credit card transactions, or be forced to pay higher subsequent charges than the initial cost of security compliance. The investment in PCI security procedures goes a long way toward ensuring that other aspects of your commerce are safe from malicious online actors.