Introduction to PCI
Data security has become a primary consideration for every business that accepts credit and debit cards for the payment of goods or services. To promote the security of the credit and debit card payment systems, the major card brands established the Payment Card Industry Council (PCI) to oversee its Data Security Standards (DSS).
Merchants of all sizes must ensure that cardholder data is protected from a security breach. A typical breach costs a small business merchant $25,000 – $50,000, but can run much higher depending on the number of cards compromised. To protect cardholder data and mitigate financial exposure, it is imperative that all merchants validate and demonstrate PCI-DSS compliance.
A processors PCI Compliance Program should take an comprehensive approach to help your business securely manage cardholder data and ensure compliance, while protecting your reputation and your bottom line, with a focus on three key areas:
- Education – materials and information to help you understand PCI-DSS compliance
- Validation – tools to help you validate and demonstrate compliance and protect your business
- Financial Protection – programs to mitigate your financial exposure should a breach occur
Their protection allowances should begin the day you start with your processor. Please review the materials supplied to you by your processor to establish a secure processing environment.
NOTE: Compliance validation certification must be renewed annually. Non-compliance may result in additional fees. Refer to your merchant application for terms and associated fees and fines.