What is PCI Compliance?
The term PCI is the abbreviation for Payment Card Industry. With several million card transactions taking place on a daily basis, credit card companies have developed the concept of payment card industry compliance or PCI compliance to ensure the security of the financial transactions made through a credit card.
Innoviti’s bank tie-ups include names of 100+ banks which shows it to be a highly credible platform for credit card security.
PCI DSS compliance refers to the Payment Card Industry Data Security Standard compliance which is nothing but a particular set of policies that was put in effect to provide maximum security to cardholders and their personal information. Any credit or debit card company needs to adhere to all the PCI DSS and PCI compliance.
6 Compliance Groups For PCI DSS
All regulatory stakeholders who oversee credit cards are categorically divided into six PCI compliance groups or tiers depending on the volume or the size of the transactions made.
These six compliance groups for PCI DSS are mentioned below.
- Building and maintaining a network of secure systems
- Ensure complete protection of cardholder data
- Implementing strong measures for access control
- Supporting a Vulnerability Management Program
- Regular monitoring and testing of networks
- Maintaining a policy of Information Security
The PCI Compliance Checklist
The twelve main points of this checklist include the following.
- Installation and maintenance of a firewall to protect the data.
- Using a personal password rather than the one suggested by the vendor to uphold the security standards
- Protection of all the stored information about the cardholder
- During the transfer of data, encryption of all the information being shared, especially in the case of public channels.
- Regular update of the anti-virus software
- A well-maintained and enforced security system
- Restricted access to the cardholder information, given only on a need-to-know basis
- A unique identification number for each individual
- Restricted physical access to cardholder information
- Tracking of all the accesses made to the cardholder database and their monitoring
- Regular examinations of the security system and quick repayments
- A well-established strategy related to information security
Benefits of PCI DSS Compliance
With PCI compliance in place, the risks of endangered personal data have been minimized considerably. Some of the principal benefits of PCI DSS compliance include reduced identity theft and a higher degree of protection for cardholder information, along with upholding the company policies.
Best Practices for Meeting the PCI Compliance Requirements
Some of the best practices of PCI compliance requirements include using a firewall and good antivirus software. They keep your data safe from harmful malware. Using strong account passwords and unique IDs for each cardholder is also very effective. If you feel your info is safe, there is no alternative to regularly checking on the stored data and keeping your software systems updated. Innoviti provides the best option in card security through its certified technology and candid attempts at offering protection to its customers.
Ans. The rankings of the PCI DSS compliance merchants are divided into four levels or groups depending on the volume of their transactions.
Ans. The PCI Security Standards Council (PCI SSC) is responsible for PCI merchant compliance and includes five of the leading card ensuing companies like American Express, Visa Inc., and MasterCard.
Ans. The fees charged by the provider vary but can range anywhere from $80 to $120 annually. The fee is charged to ensure PCI compliance.
Failing PCI compliance will lead to a penalty that depends on the provider. A contract is signed at the very beginning that clearly states the consequences of failing the PCI compliance, including the amount to be charged as a penalty.
As a merchant, PCI DSS compliance is of utmost importance as it decides the health and reputation of your business.
With patented technology to prevent double-debit, bank tie-ups, and SOC3 Certification, Innoviti is the perfect payment solution provider that can guarantee compliance, allowing our merchants to comfortably conduct business.