A Snapshot of PCI Compliance in 2024

When you’re busy running a business, adhering to the Payment Card Industry Data Security Standard (PCI DSS) may be close to the bottom on your list of priorities. However, the fact is that PCI compliance is not only vital; it’s the law. You will thank yourself for taking the time to learn why it’s important and what you need to do to comply.

Abiding by the terms of PCI needs to be one of your key responsibilities as a business owner. That’s because this set of measures ensures that your customers’ financial data is protected throughout its lifetime with you, including how it is collected, stored, managed, and transmitted. If you fail to adhere to PCI, your company could suffer a reputational hit in the event of a data breach as well as being subjected to fines and penalties from your credit card company of as much as $10,000 per month.

PCI requirements.

When you implement protocols to follow PCI standards, you are considered to be in compliance. To that end, the PCI Security Standards Council has developed 12 key requirements, 78 base requirements, and over 400 test procedures.

If this feels overwhelming, don’t panic. Start by instituting a set of valuable best practices. These should include installing firewalls, implementing strong password protocols for yourself and your staff, using antivirus and antimalware software, and giving each person who has access to data permission and a unique ID number.

In addition, protect cardholder data by encrypting it during transmission. Also, be sure to invest in modern software and security systems, making it a part of your routine to update them regularly. Only grant physical access to data storage to those who need it, and create logs that show when records are accessed and by whom. Test your security systems regularly, and keep an eye on the automated logs you have created. Finally, take the time to create a set of policies and procedures that you share with all stakeholders.

Even after you take all of these steps, you might still be wondering if you are actually PCI compliant. One of the first indications that you may not be in accordance with these standards might happen when you read the monthly statement from your payment processing company. Then talk to your company representative about what programs they have put in place to help merchants remain compliant. Be aware that some vendors don’t offer much in this respect because they actually make a profit when you are required to pay noncompliance fees.

Finally, do an inventory of your technology on a regular basis. After all, it must always be in compliance with PCI’s 12 core rules. It’s worthwhile to research the standard itself so that you can see the full text of these requirements. If you are worried that your transaction workflow might be out of compliance, the time has probably come to consult a PCI compliance expert.

Adhering to the full set of PCI standards can feel daunting and even might appear to be much ado about nothing to the uninformed. However, these requirements have been instituted to protect both you as a merchant and your customers against the devastating effects of cybercrimes such as fraud and data breach. Implement procedures to comply with PCI today to protect your company and clients for years to come.