Lastly you will need insurance for your vehicle and your food business. The financial cost of fraud to any sized corporation can be huge and the price of preventing it is vast.Any company which stores, processes or transmits payment card data bearing the logo of the five major payment companies has to comply with the Payment Card Industry Data Security Standards (PCI DSS). If merchants use payment gateways to process transactions on their behalf, compliance is not required but they must ensure contractual obligation from the third party that they comply with PCI DSS and are responsible for the security of cardholder data.Fines for non-compliance or security breaches can be huge, reaching $500,000. Corporations that require PCI DSS compliance are prevented from storing sensitive credit card information, including security codes, track data from the magnetic strip, and PIN numbers. Protection of cardholder data - including encryption during data transmission3. Access control - to prevent and restrict access to sensitive data5. Maintenance of an information security policyThe latest updated guidelines for PCI DSS are due for release in October 2008.The benefits of PCI DSS compliance• Protection from PCI related fines if compliant at the time of breach• Increased customer confidence in data protection• Advice on how to remediate any data security risks• Advice on how to prevent service providers from putting your business at risk from data security• Increased protection from fraudsters• Protection from unwanted negative media attentionWith this said, there is no question as to why PCI DSS compliance is as important as it is.
Monday, December 5, 2011
Does Your Small business Need to be PCI DSS Compliant?
Lastly you will need insurance for your vehicle and your food business. The financial cost of fraud to any sized corporation can be huge and the price of preventing it is vast.Any company which stores, processes or transmits payment card data bearing the logo of the five major payment companies has to comply with the Payment Card Industry Data Security Standards (PCI DSS). If merchants use payment gateways to process transactions on their behalf, compliance is not required but they must ensure contractual obligation from the third party that they comply with PCI DSS and are responsible for the security of cardholder data.Fines for non-compliance or security breaches can be huge, reaching $500,000. Corporations that require PCI DSS compliance are prevented from storing sensitive credit card information, including security codes, track data from the magnetic strip, and PIN numbers. Protection of cardholder data - including encryption during data transmission3. Access control - to prevent and restrict access to sensitive data5. Maintenance of an information security policyThe latest updated guidelines for PCI DSS are due for release in October 2008.The benefits of PCI DSS compliance• Protection from PCI related fines if compliant at the time of breach• Increased customer confidence in data protection• Advice on how to remediate any data security risks• Advice on how to prevent service providers from putting your business at risk from data security• Increased protection from fraudsters• Protection from unwanted negative media attentionWith this said, there is no question as to why PCI DSS compliance is as important as it is.
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