Great American Payment Systems

PCI Registration

What is PCI Compliance?

PCI compliance, or Payment Card Industry compliance, is a set of security standards that businesses must adhere to if they accept, process, store, or transmit credit card information. It’s essentially a framework to help businesses safeguard sensitive customer payment information, reducing the risk of fraud and data breaches.

Why is PCI compliance important?

  • Protecting sensitive data: PCI DSS ensures that businesses implement security controls to protect cardholder data (like credit card numbers and personal information) from theft and fraud.
  • Preventing data breaches: Adhering to these standards helps minimize the risk and potential damage of security breaches.
  • Maintaining customer trust: Being PCI compliant helps assure customers that their payment information is handled securely, fostering trust and confidence in the business.
  • Avoiding penalties: Non-compliance can lead to substantial financial penalties from credit card companies and acquiring banks, as well as potential legal liabilities.

Who needs to be PCI compliant?

Any business that handles payment card data, regardless of its size or the volume of transactions, needs to be PCI compliant. This includes brick-and-mortar stores, online retailers, and even businesses using third-party payment processors.

Key aspects of PCI compliance

12 requirements

The PCI Data Security Standard (DSS) consists of 12 core requirements, encompassing aspects like building and maintaining a secure network, protecting cardholder data, managing vulnerabilities, implementing strong access controls, and maintaining an information security policy.

Compliance levels

Businesses are categorized into four levels based on their annual transaction volume. Higher levels generally have more stringent validation requirements, including external audits.

Validation

Compliance is typically validated through annual assessments. For smaller businesses, this may involve completing a Self-Assessment Questionnaire (SAQ). Larger businesses (Level 1) often require an annual Report on Compliance (ROC) prepared by a Qualified Security Assessor (QSA) and quarterly network scans performed by an Approved Scanning Vendor (ASV).

Ongoing process

PCI compliance is not a one-time achievement. It requires continuous monitoring, regular testing of security systems, and updates to adapt to evolving threats and technologies.

Consequences of Non-Compliance

Non-compliance can have serious consequences, including:

  • Significant fines from payment card brands and acquiring banks.
  • Increased transaction fees.
  • Reputational damage and loss of customer trust.
  • Legal liabilities and potential lawsuits.
  • Operational disruptions, including payment processing bans.

In essence, PCI compliance is crucial for any business handling payment card information. It helps protect both the business and its customers from fraud and security breaches while maintaining a positive reputation and avoiding costly penalties.