What businesses need to know about PCI compliance

What businesses need to know about PCI compliance

A new report from CIO details what constitutes Payment Card Industry compliance and what businesses need to know about the standards. PCI Data Security Standards are a set of rules that need to be followed by all companies and merchants accepting credit and debit cards. Business owners and operators who accept, process, transmit and store cardholder data need to be PCI compliant in order to ensure that data is secure. Regardless of how small a business is, it needs to be PCI compliant if it is to accept credit and debit card payments.

According to the report, the objective of PCI compliance is to ensure that merchants invoke the greatest possible security when processing payments and handling customer information. The PCI Security Standard Council, an independent body, was created to manage and oversee PCI DSS. PCI SSC does not enforce PCI compliance. Rather, this function is primarily performed by the payment card brands, the acquiring banks, the retailers and the small businesses.

In addition to supporting a safe environment for data security, PCI helps build customers’ trust and protects businesses from security breaches, says the report.

The PCI SSC recently released its first set of requirements for point-to-point data security. The standards focus on hardware-based solutions and support optional scope reduction efforts.