PCI Compliance For Retailers – The Complete Guide

PCI compliance for retailers is a must; if you do not comply with the requirements that are in place, you can find yourself facing huge fines. But, what exactly is PCI compliance? PCI DSS stands for the Payment Card Industry Data Security Standards. They have enforced 12 comprehensive rules regarding the protection of cardholder data. Therefore, if you store, process or transmit card information at your business, you need to be concerned with PCI compliance. In basic terms, if you accept credit cards or debit cards, you need to achieve compliance.

The Basics Of PCI Compliance

The first version of the Payment Card Industry Data Security Standard was released in 2004. This is when Visa, MasterCard, JCB, Discover, and American Express brought their individual security policies together. Over the years, the PCI DSS has been updated, however, the principles always remain the same – to protect confidential card information. A lot of business owners do not realise that PCI compliance applies to them. It does not matter whether you only accept card payments on a rare occasion or you take credit cards over the phone, if you have ever taken payment by any type of card, you need to comply with PCI DSS. So, what exactly is cardholder data? This relates to all information found on a card. Sensitive Authentication Data must be protected, including the full magnetic stripe data, PINs, and CVV2. Also, the expiration date, service code, and full Primary Account Number is known as cardholder data as well. The 12 requirements that need to be followed are split into different sections, which are as follows – build and maintain a secure network, maintain an information security policy, protect cardholder data, monitor and test networks regularly, put strong access control measures in place, and upload a vulnerability management program.

FAQ About PCI Compliance For Merchants

No doubt, you probably have a million different questions running through your mind. In this section, we are going to take a look at some of the most frequently asked questions about PCI compliance for merchants. Is all of PCI DSS mandatory or do only a selection of the requirements apply to my business? It does not matter what type of business you have, or how frequently you take card payments, you need to comply with all of PCI DSS. What happens if I do not achieve PCI compliance? Failure to be compliant has big consequences; you will face large fines that have been passed on from the bank. These fines are believed to be anything from £3,000 to £6,5000. Moreover, data breaches lead to card replacement costs, costly audits, brand damage, and compensation expenses. If I outsource card processing, do I need to worry about PCI DSS? You do, and there are several reasons why. Firstly, card data will still come into your hands at some point, for example, when you process a return or when you accept the payment. Moreover, you are responsible for ensuring that the third party processor you select is compliant.

Common Myths About PCI Compliance For Retailers

One of the difficult things about PCI compliance for retailers is the fact that there is a lot of misinformation on the Internet. This can make it challenging for business owners, as they don’t know what is right or wrong. But don’t fret, as we are going to clear up some of the most common myths. One of the most common myths is that PCI compliance is only applicable to e-commerce businesses. This could not be further from the truth; it applies to all businesses of all kinds that take card payments. Another myth business owners believe is that because they have not signed anything or said anywhere that they are PCI compliant, they don’t need to be. People also believe that PCI is too costly, but it is going to cost you a lot more money in the long run if you do not take network security seriously. When looking for a company providing compliant solutions, you are not advised to go for the cheapest solution you find. You can’t afford to cut corners when it comes to something like this. Nevertheless, this doesn’t mean you need to opt for the most expensive solution either.

How To Achieve PCI Compliance

Achieving PCI compliance can be difficult for some business owners, especially those that are time poor. There are many different steps that need to be implemented. The best thing to do in this scenario would be to hire a security professional that can take care of this for you. There are a number of different companies in the UK that guarantee PCI compliance for retailers. You can have the peace of mind that everything is being taken care of for you while you focus on the rest of your business. You may be a little sceptical about going down this route. After all, no one wants to spend money unnecessarily. However, just think about how much it could cost your business if you do not invest in cyber security. You could find yourself facing fraud losses, huge non-compliance fines, and remediation costs. Data breaches also cause monumental reputational damage, and you will need to work hard and spend a lot to try and fix this. Thus, it certainly pays to invest in network security, and one company that can assure PCI compliance for your business is Retail Secure.

PCI Compliance For Retailers Guaranteed With Retail Secure

PCI compliance for retailers is guaranteed when you choose Retail Secure. Our cyber security is one of the best on the market. Not only does it assure you of PCI compliance and reduce the chance of a data breach considerably, but it is competitively priced too and no technical know-how is required. You can discover more by visiting our website, www.retailsecure.co.uk. Moreover, if you have any more questions, please do not hesitate to get in touch. Send an email to enquiries@retailsecure.co.uk, and we will endeavour to respond within 24 hours, or call us to speak to someone directly on +44 (0) 333 320 8848.

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