Getting Ready for Black Friday – PCI DSS Compliance!
What does Black Friday mean for your business? An opportunity to maximise profits, naturally, but that’s not the only thing.
Black Friday can also work as a capacity test, a way to measure your progress from one year to the next. Plus, it’s an opportunity to compete.
Whatever Black Friday means to your operation, doubtless you’ll want to go in prepared. Is PCI DSS compliance on your checklist?
What is PCI DSS compliance, and what does it have to do with Black Friday? Yes, the answers do matter.
What Is PCI DSS Compliance?
The Payment Card Industry (PCI) Security Standards Council (SSC) sets international standards for cardholder data safety. This body was established by American Express, Discover, JCB, Mastercard and Visa.
So what does PCI DSS Compliance actually mean?
“The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment.” (source)
So, Data Security Standards apply to small startups as well as large organisations. All companies need to uphold compliance measures. No matter the size of your business, if it interacts with customer data, it must be secure.
PCI DSS compliance also regulates credit card companies. Compliance measures protect against identity theft and keep online transactions secure. Plus, these security standards provide a protected environment for your business to operate in.
Payment Card Industry Security Standards Council
The PCI SSC has a framework of objectives. These include the following points:
- Establish and maintain a secure network
- Protect cardholder data
- Keep a vulnerability management program in place
- Set strong access control measures
- Monitor and test networks regularly
- Maintain a policy for information security
Scoring and Penalties
It’s really important to understand how PCI DSS compliance affects your business as non-compliance can lead to a series of unfortunate consequences.
For one thing, it leaves your business open to threats such as hacking and data theft. You probably already know that these threats are serious, and they can do much damage to your brand. Financial losses may be recovered, but no business can afford a damaged reputation.
If you’re not compliant, the responsibility for security incidents will land on your business. You’ll end up shouldering costs and penalties through non-compliance fines.
A data hack relating to consumer fraud means an issuing bank loses out. So, if your company doesn’t take steps to protect payment card information, then guess who makes up for it… Yes, your company has to settle with the bank. Plus, you’ll have to pay the fines associated with PCI DSS non-compliance. Ouch.
Here’s another thing. Once you’ve experienced compromised security, it’s more difficult to meet compliance standards. Scrambling to patch up your online security is far more challenging than setting it up at the outset.
Sure, compliance may seem like a hassle, but it’s much better to start with it than to try and get it later on.
Think of it like this: if business were a sports match, you wouldn’t run onto the field barefoot. And, you wouldn’t try putting your shoes on while you’re running.
Likewise, you wouldn’t want to enter the market and then try and get compliance. While everyone else is catching and scoring you’d be tripping yourself up. The analogy might be basic, but it makes the point. Neglecting PCI DSS compliance could impede your business, and create unnecessary risks.
Playing by the Rules
Getting compliance on your own is no small task. There are 12 requirements for compliance set by the PCI SSC that every merchant needs to fulfil.
Here are the requirements for PCI DSS compliance:
- Use firewalls to protect cardholder data
- Always change passwords and security settings from provider defaults
- Protect stored cardholder data
- Encrypt data transmission over public networks
- Rely on a robust antivirus program and keep it updated
- Create secure systems and applications
- Limit access to cardholder data
- Give each person with computer access a unique ID
- Restrict physical access to cardholder data
- Keep tabs on all connections to network services and cardholder data
- Test security protocols regularly
- All employees should understand network security policies
Most merchants prefer to work with payment solution providers that cover all the PCI DSS compliance rules. Huge Connect is accredited and can help your business meet the standards.
Ready to Compete
When Black Friday hits, transactions increase. A higher volume of card transactions increases your risk of security issues. But, if you’re sorted with PCI DSS compliance then you can rest assured.
What if you aren’t sure about your compliance? It’s essential that your business and your payment solution providers meet the standard. Don’t put it off! Make some enquiries!
You want to score right? Full PCI DSS compliance means you can look forward to a winning Black Friday.
Our team can be a HUGE help. So, if you have questions, contact us here.
