Why Your Small Business Should Be Concerned About Being PCI Compliant

Are you a small business owner that accepts credit cards? If you answered yes to this question this is something you need to fully understand and be concerned about. If your business is not PCI compliant it can become very costly to you.

pciWhat is PCI?

PCI actually is short for Payment Card Industry Data Security Standard (PCI DSS). PCI DSS is a set of standards that were developed to protect any credit card information during and after the initial transaction.  PCI DSS is overseen by the Payment Card Industry Security Standards Council (PCI SSC). The PCI SSC was established in 2006 to help improve the security of credit card transactions.

Why Should I Comply With PCI?

This should be a no brainer for a small business owner.  If cardholder data is compromised and it is determined that it was by fault of something your business did, you can end up being fined, incur penalties or worse off, lose your right to accept credit cards. By Complying with PCI you are letting your customers know you are using secure systems to complete their credit card transactions. You will also reap the benefits of being prepared to comply with other regulations that might come along such as HIPAA.

What Are the Requirements to be PCI Compliant?

There are six main requirements a business must meet to be considered PCI compliant. They are:

Maintain a secure network: This includes having a firewall set up and all passwords changed from original default.pcicompliant

Protect cardholder data: Make sure that all transmitted data is encrypted if sent over public networks.

Maintain a vulnerability management program: Always ensure you are using secure systems and that you have an updated anti-virus program running.

Insure strong controls are in place as to who has access to cardholder data: All physical access to cardholder information should be restricted.

All networks should be continuously monitored and tested: Always test all processes to ensure all security measures are kept in place.

Maintain an Information Security Policy: Have a policy in place that addresses all information security concerns.

Complying with PCI is not a one-time deal, it is an ongoing process. Don’t let all the hard work you put in to growing your business fall apart because your customers’ credit card information was not secured. You can get additional information on becoming PCI compliant from the PCI Security Standards Council.

 

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Barbara Goldberg

Business Operations Strategist at Back On Track Solutions
With over 15 years of corporate experience within Fortune 500 companies, Barbara Goldberg now brings world-class customer service to the small business community. An avid sports fan, Barbara likens her passion, focus and strategy to a crew chief guiding a race car driver to the finish line. Barbara will analyze, evaluate, distill and then solve the problems challenging business owners, allowing them to get back on track to servicing customers.

With over 15 years of corporate experience within Fortune 500 companies, Barbara Goldberg now brings world-class customer service to the small business community. An avid sports fan, Barbara likens her passion, focus and strategy to a crew chief guiding a race car driver to the finish line. Barbara will analyze, evaluate, distill and then solve the problems challenging business owners, allowing them to get back on track to servicing customers.

Posted in Business Lessons, Business Strategy, Credit Cards, Small Business Tagged with: , , , , , , ,

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