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Does PCI-DSS Impact You?

The Payment Card Industry Data Security Standard (PCI DSS) applies to all businesses that collect and process credit card data. Mandatory since December 2010, the standard enforces the safe handling of sensitive credit card information. Non compliance can result large fines, higher processing fees, damage to company reputation and even the loss of the ability to process payments.

If your business stores or transmits credit card data you must adhere to the Payment Card Industry Data Security Standard (PCI-DSS). The PCI-DSS was created in 2006 by the Payment Card Industry Security Standards Council (PCI SSC); comprised of Mastercard, Discover, JCB International,Visa and American Express; to enforce the minumum security standard for the handling of credit card data.

PCI-DSS compliance is mandatory for all businesses that process or store credit card information from December 2010, because nothing is more important than keeping your customers data secured. The standard enforces the safe handling of sensitive customer data and ensures the data is destroyed or stored in a manner to prevent fraud.
Compliance is an ongoing process of continually reassessing business operating processes and procedures, training of staff and completion of SSC reports.

Failure to comply with the standard will result in significant penalties including: hefty fines, higher processing fees and in the worst case scenarios being banned from processing credit card transactions altogether. Other risks incurred from a failure to comply include damage to the reputation of the organisation and subsequent loss of customer confidence, which would have considerable ongoing future repercussions.

The PCI Data Security Standard is a set of 12 compliance requirements that must be applied to all components of the credit card data environment including, but not limited to: network components, applications, servers, staff roles and all other adjunct areas of business policies and procedures.