PCI DSS : What is it, and how to comply ?
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May 15, 2023PCI DSS : What is it, and how to comply ?
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Why is PCI DSS compliance important?
PCI DSS : What is it, and how to comply ?
Payments are becoming increasingly cashless. According to a study conducted by PWC, the number of global cashless payments has risen by 42%, as a result of significant transformations in the financial services industry, accelerated by the COVID-19 pandemic.
However, this revolution has its drawbacks and raises growing concerns about privacy and security. A cyber attack occurs somewhere on the web every 39 seconds. According to VMWare, 74% of organizations faced a ransomware attack, and the average cost of a data breach in the US has been estimated by IBM to be $9.44 million. In this fast-paced world, PCI DSS compliance is not only a matter of security: it’s a matter of survival for merchants and businesses.
Overview of the PCI Data Security Standards
PCI DSS stands for Payment Card Industry Data Security Standard. Behind the acronym is a set of security standards developed in 2004 by major credit card companies such as Visa, Mastercard and American Express to ensure that merchants that accept and process card payments maintain a secure environment for cardholder information.
The PCI DSS has six main objectives: build and maintain a secure network, protect cardholder data, maintain a vulnerability management program, implement strong access control measures, regularly monitor and test networks, and maintain an information security policy.
The Steps to PCI DSS Compliance
Achieving PCI DSS compliance involves a series of steps that a business must follow. These steps include identifying and categorizing the type of data that needs to be protected, implementing proper security measures, such as firewalls and encryption, and regularly monitoring and testing the security systems to ensure they are effective. The process can be complex and time-consuming, but it’s critical for ensuring the safety and security of customer data
Why is PCI DSS compliance important?
PCI DSS compliance is essential for any business that handles credit card information. Achieving compliance not only protects the customer’s sensitive information, and prevents fraud, but also helps to establish trust and credibility with customers. It can also help avoid costly data breaches and fines, which can significantly impact a business’s reputation and bottom line.
The potential drawbacks of Non-Compliance
The 10 risks of PCI DSS non-compliance
Non-compliance with PCI DSS can have severe consequences for businesses. In addition to losing customer trust and reputation damage, companies can face hefty fines and legal action. Additionally, non-compliant businesses may be subject to increased scrutiny and audits, which can be costly and time-consuming.
As a Merchant of Record, Nexway takes responsibility for all liability associated with the payment transaction. Nexway is a leading provider of PCI DSS compliance services, helping businesses of all sizes achieve and maintain compliance. With extensive experience in the field, Nexway provides a comprehensive suite of services, including security assessments, compliance consulting, and ongoing monitoring and support. Our team of experts can guide businesses through the entire compliance process, ensuring that they meet all requirements and avoid potential penalties. By achieving PCI DSS Compliance Level 1, we have joined the list of other international businesses dedicated to data security & customer safety.
Maintaining Sustainable PCI DSS Compliance with Nexway
Partnering with Nexway saves you time, money, and effort and ensures the highest levels of security and compliance. It not only protects the customer’s sensitive data but also helps to establish trust and credibility with customers. With Nexway, you can have peace of mind knowing that your customer’s data is safe and your business is fully compliant with all relevant regulations.
Learn more on Nexway PCI DSS certification page for more specific insights into payments.
