An Overview of PCI Compliance

credit card in a credit card reader

For most individuals, data security is a major concern in their daily lives. With increasing amounts of vendors using online payment technology, the proper management of debit and credit card information becomes a major consideration for the consumer. The Payment Card Industry Data Security Standard (PCI DSS) is a set of standards that ensure every company that processes transactions maintains a high level of security when it comes to credit, debit, and cash card information. 

Why is PCI Compliance Important?

Data that becomes compromised negatively affects the relationship with customers, merchants, and other financial institutions. Supporting businesses that are PCI compliant inherently means that the customer’s data is more secure, and this builds mutual trust. On the business side, the trust that customers have is incredibly important, but there are numerous other benefits to having a strong security system in place.

  • Customer confidence leads to repeat business
  • Improves business reputations with acquirers and payment brands
  • Aids in preventing widespread security breaches
  • PCI compliance makes compliance with other data management standards easier
  • Prevents lawsuits, insurance claims, canceled accounts, government fines, and more
  • Creates a strong starting point for corporate security
  • Improves your overall IT infrastructure
  • Contributes to the global effort towards safeguarding data

Best Practices to Improve Your PCI Compliance

PCI DSS compliance has a list of requirements such as maintaining firewalls, using password protection, enforcing the restriction of data access, protecting cardholder data, and more. To aid in the process of becoming fully PCI compliant, the PCI Standards Security Council (PCI SSC) has a vast library of tools and resources at your fingertips to help reach those goals. Despite the requirements, PCI compliance is only the start of data protection, and there are ways to improve your security beyond the PCI standards.

  • Monitoring of self-checkout terminals by staff 
  • Continually updating of point-of-service software to prevent against data breaches
  • Preforming “mini audits” to ensure that data security is up-to-date instead of waiting for an annual review
  • Maintaining documentation relevant to PCI compliance, such as antivirus policies and other information
  • Minimizing the overall amount of data that you’re collecting from customers if it can be avoided– if no sensitive data is stored, breaches of information are much more difficult
  • Encouraging better data safety habits with your employees

Protect Important Data With PCI Compliance

Your data is important to us, and in turn, your customer’s data is important to you. At Celero, we have payment specialists who can help your financial institution become as secure as it can be. Contact us today to learn more about PCI compliance, and what we can do to help.