In today’s digital age, businesses handling card payments must prioritise security to protect customer data and maintain trust. PCI compliance (Payment Card Industry) is a set of standards designed to secure card information during and after transactions. It’s not just an industry recommendation – compliance is a must for businesses of all sizes.
The Current PCI Standards
The PCI DSS (Payment Card Industry Data Security Standard) sets forth 12 essential requirements that businesses must follow to ensure cardholder data is secure:
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1. Install and maintain a firewall to protect cardholder data.
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2. Do not use vendor-supplied defaults for system passwords and other security settings.
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3. Protect stored cardholder data.
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4. Encrypt transmission of cardholder data across open, public networks.
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5. Use and regularly update anti-virus software.
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6. Develop and maintain secure systems and applications.
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7. Restrict access to cardholder data by business need-to-know.
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8. Assign a unique ID to each person with computer access.
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9. Restrict physical access to cardholder data.
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10. Track and monitor all access to network resources and cardholder data.
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11. Regularly test security systems and processes.
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12. Maintain a policy that addresses information security for all personnel.
Compliance with these standards ensures that your business is taking all necessary steps to safeguard payment information, keeping you on the right side of the law and protecting your reputation.
Benefits of Being PCI Compliant
Penalties and Consequences of Non-Compliance
Failure to comply with PCI standards can lead to significant financial penalties, ranging from thousands to millions of pounds, depending on the severity of the violation. Moreover, a data breach can trigger legal action, loss of business, and long-lasting damage to your brand’s reputation. Non-compliance also risks losing your ability to accept card payments, which can severely impact your business operations.
How Bespoke Merchant Solutions Can Help
At BMS, we understand the complexities of PCI compliance and the importance of securing your payment processes. Our team can guide you through the requirements and ensure your systems are up to standard.
From providing secure card machines to offering ongoing support, we help you stay compliant, so you can focus on running your business with peace of mind.
Don’t leave your business vulnerable – ensure your payment processes are compliant with the latest PCI standards. Reach out to BMS today to learn how we can safeguard your business and keep your transactions secure.
