What to Know about PCI Compliance

Data security has never been as important as it is right now. After several high profile cybercrime cases, it’s essential that companies are doing all they can to ensure that the information they hold about their customers is as secure as possible. 

If they don’t, then that data will be more readily accessible to hackers. And if they get hold of it, there’s no telling what damage will follow — a loss of customer trust (and thus customers) and heavy fines are just two consequences of data breaches.

Companies can get around these dangers by prioritizing PCI compliance. In this blog, we’ll run through everything you need to know about it.

What is PCI Compliance?

PCI compliance refers to the security measures that merchants must take when they’re accepting credit card payments. It’s essentially a set of standards that businesses must meet in order to ensure that the financial and personal information they store about their customers does not fall into the wrong hands. 

The Key Requirements

So what are the twelve key requirements? Let’s take a look

  • Have a high-level firewall to protect customers credit card details
  • Set high security passwords
  • Protect the data you keep
  • Make sure customer data is encrypted when sending
  • Use and maintain anti-virus software
  • Use secure systems internally
  • Limit the number of people that can access cardholder data
  • Give each employee an internal identification number on networks
  • Limit physical access to where customer data is held
  • Monitor who’s accessing your systems that hold the data
  • Test your security networks and processes
  • Have security measures in place, and make sure that employees know what they are. 

Different Levels of Compliance

Virtually every business that concepts credit card payments have to be PCI compliant. That means that whether you’re a single-person operation with a brick and mortar store or you’re a large, multinational corporation, you’ll need to make PCI compliance a priority. 

However, the level of compliance that you have to meet will depend on one single factor. It all depends on how many credit card transactions you’re making each year.

If you make fewer than 20,000 transactions, you need Level Four compliance.

If you make between 20,000 and one million transactions, you need Level Three compliance.

If you make between one million and six million transactions, you need Level Two compliance.

If you make more than six million transactions, you need Level One compliance.

How an MSP Can Help With PCI Compliance

If you’re looking to become PCI compliant, then it’s recommended to work with a company that offers IT services in Coconut Creek. Hiring an MSP will allow you to store all of your customer’s data on an ultra-secure network, therefore greatly reducing the chance of a data breach from occurring. MSPs regularly update their systems to be in line with modern standards, so you can have peace of mind that your data is always safe.