12 Requirements You Should Never Ignore

Ignoring PCI compliance can actually cost you more than you think. If you work in an industry that handles credit card data, using security compliance tools is crucial. Failure to comply with PCI standards could result in serious consequences. The Payment Card Industry (PCI) compliance regulations were established to ensure the proper management and security of customer data within the credit card industry.

Before the formation of PCI in 2006, there was no universal standard that all credit card companies had to follow, creating a significant risk for companies handling sensitive data. The PCI Security Standards Council (PCI SSC) was founded by major credit card companies like Visa, MasterCard, Discover, and AMEX to regulate the industry and establish guidelines for handling consumer credit card information.

The current version of PCI compliance, known as PCI DSS 3.2, was introduced in 2016 and replaced the previous version in 2018. It consists of 12 compliance requirements that vendors must adhere to in order to stay compliant with PCI standards. Completing an annual PCI compliance validation check is essential for all companies handling credit card data.

It is mandatory for any merchant processing, storing, or transmitting credit card data to be PCI compliant. The major credit card companies require merchants and service providers to demonstrate that they are effectively safeguarding consumer credit card information. Businesses of all sizes must adhere to PCI compliance regulations, with different levels of compliance difficulty based on the size of the business.

While independent sellers may not need to create their own PCI compliance program if they use payment gateway software solutions like Square Payments, Etsy, or PayPal, it is still important to ensure that these platforms are PCI compliant. Benefits of PCI compliance include enhanced security, customer trust, avoidance of fines and penalties, legal protection, and global acceptance.

The oversight of PCI compliance is managed by the PCI Security Standards Council (PCI SSC) and the major credit card companies, who enforce consequences for non-compliance. Ignoring PCI compliance could lead to severe repercussions, as companies that fail to adhere to the standards may face penalties set by the credit card companies themselves. Therefore, it is crucial for businesses to prioritize PCI compliance to avoid potentially costly consequences.

PCI compliance is a crucial requirement that all major credit card companies have mandated. Ignoring it is not an option for businesses looking to operate successfully in today’s digital landscape.

Don’t risk financial penalties by neglecting PCI compliance

Violating PCI compliance can result in fines ranging from $5,000 to $100,000 per month, depending on the severity of the breach. It is essential to prioritize compliance to avoid hefty fines and increased regulation. Finding the right approach to maintaining compliance is key.

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This article was originally published in 2019 and has been updated with new information.

FAQs About PCI Compliance

1. What is PCI compliance?

PCI compliance refers to the standards set by major credit card companies to ensure the secure handling of cardholder data by merchants.

2. Why is PCI compliance important?

Complying with PCI standards helps protect customer data, reduces the risk of data breaches, and maintains trust with payment card providers.

3. How can businesses achieve PCI compliance?

Businesses can achieve PCI compliance by implementing security measures, conducting regular assessments, and following guidelines outlined by the PCI Security Standards Council.

4. What are the consequences of non-compliance?

Non-compliance with PCI standards can result in financial penalties, reputational damage, and increased scrutiny from regulatory authorities.

5. How often should businesses review their PCI compliance status?

Businesses should regularly review their PCI compliance status, conduct security assessments, and stay updated on any changes to PCI standards to maintain compliance.