- What is PCI Compliance?
- PCI Compliance Requirements
- 1. Approved Scanning Vendor
- 2. Audit Log
- 3. Cardholder Data
- 4. Cardholder Data Environment
- 5. Cardholder Data Encryption
- 6. Cardholder Intrusion Detection Service
- 7. Cardholder Intrusion Prevention Service
- 8. Information Security Policy
- 9. Antivirus Software
- 10. Regulate Physical Access
- 11. System Maintenance
- How Many PCI DSS Compliance Levels Are There?
- PCI Level 4
- PCI Level 3
- PCI Level 2
- PCI Level 1
- Make Your Business PCI Compliant Immediately!
How to Become Payment Card Industry Compliant In 2024?
With the emergence of the payment card industry and cashless transactions, the use of cards for payments has risen dramatically. Moreover, it has increased so much that it has become the norm now!
Online service merchants or companies typically use credit card firms like MasterCard, Discover, Visa, and more to process cashless transactions. Therefore, the merchant’s agreement with the financial processing institution is binding.
Moreover, this agreement decides the security requirements the merchant must meet to continue with the cashless transactions and use the card processing equipment.
Therefore, businesses must ensure that they are complying with payment card industry (PCI) regulations. This is why you must read this post to learn more about PCI compliances and ensure your company is PCI compliant in 20024!
What is PCI Compliance?
So, do you know what PCI compliance is?
PCI stands for Payment Card Industry. Most people are conversant with various credit payment solution firms like Visa, PayPay, etc.
However, how do these firms keep the cardholders’ data safe and secure? This is an aspect that everyone needs to beware of!
Credit firms have come up with a consortium for compliance creation. Known as the Payment Card Industry Council (PCIC), they frame the rules and guidelines for merchants. They primarily deal with creating custom data security procedures and data security standards.
Compliance with PCI involves twelve rules for developing an electronic payment system while maintaining data security for their clients.
The advantage of a merchant being compliant with the PCI is that he will get protective cover over online business transactions. Therefore, it protects them against intruders and people who sabotage transactions.
Moreover, merchants must ensure that the payment processing company they use to process the credit card payment is PCI compliant.
Therefore, the merchant will also avoid charging exorbitant fees that the bank would charge the business. This must be held during the event there is a security breach with the help of PCI compliance. This is why the clients must know the essential terms associated with PCI.
PCI Compliance Requirements
The complete compliance of PCI underwent development to limit frauds that credit cards face. It is all about the safety and security of the data that belongs to the cardholder.
Therefore, the primary objective of this compliance is to check on the preventive procedures for payment processing regularly.
Moreover, some of the most crucial payment card industry compliances that your company must comply with are:
1. Approved Scanning Vendor
The ASV (Approved Scanning Vendor) is the highest-rated scan certificate from an approved vendor. Therefore, this certificate will certify that you abide by the necessary technical requisites.
2. Audit Log
The Audit Log records the number of activities you conduct on a particular date. Additionally, it has enough details to help track back the sequence of the events that go from the beginning to the end of the transaction.
3. Cardholder Data
CD or cardholder data includes the primary account number (PAN). It has basic information like the service code, the name of the cardholder, and the expiration date.
4. Cardholder Data Environment
CDE is the next in the queue. It’s known as the cardholder data environment. It includes the people and processes that transmit and process the customer’s authentication of the cardholder’s information. Additionally, it also has virtualization technical components like servers and applications.
5. Cardholder Data Encryption
Encryption is converting text into the coded format. Therefore, individuals who have the necessary decrypting codes will get access to this data.
6. Cardholder Intrusion Detection Service
Also known as IDS, the hardware or software regularly alerts the system’s intrusion.
7. Cardholder Intrusion Prevention Service
Also known as IPS, it’s the hardware or software that blocks or prevents intrusions detected by the IDS.
8. Information Security Policy
Businesses compliant with PCI firms must set up an information security policy framework for their customers. Therefore, these policies must lay down the framework that explains how customers can access and use their payment card data.
9. Antivirus Software
In addition to data encryption to ensure that payment card data remains private, businesses must protect the data. Therefore, they must use appropriate antivirus software to safeguard CDs by establishing a solid firewall. Additionally, this protects CDs from hackers and various malicious software.
10. Regulate Physical Access
Businesses must regulate physical access to customers’ registered payment cards to ensure they use them. Therefore, companies must use a PIN (Personal Identification Number) system to ensure that no one from the customers can use the card.
11. System Maintenance
Businesses must take all steps to maintain all the PCI systems above. Therefore, they must use suitable computers, software, and cloud databases to keep it running 24/7.
How Many PCI DSS Compliance Levels Are There?
If you decide to make your business payment card industry-compliant, you can do so at many levels. Therefore, these levels determine how compliant you are with PCI requirements.
These levels are:
PCI Level 4
You must be PCI level 4 compliant to handle 20,000 annual transactions. Moreover, it would help if you did a quarterly network visibility scan through ASV. Furthermore, you must submit the annual Self-Assessment Questionnaire (SAQ).
PCI Level 3
You must be PCI level 3 compliant to handle between 20,000 to 1 million annual transactions. Moreover, it would help if you did a quarterly network visibility scan through ASV. Furthermore, you must submit the annual SAQ.
PCI Level 2
You must be PCI level 2 compliant to handle between 1 million to 6 million annual transactions. Moreover, it would help if you did a quarterly network visibility scan through ASV. Furthermore, you must submit the annual SAQ.
PCI Level 1
Following PCI compliance protocols for over 6 million card transactions annually will achieve PCI Level 1. This is the highest PCI level. Therefore, you must do a quarterly network visibility scan through ASV. Furthermore, you must pass the annual Qualified Security Assessor (QSA) test.
Make Your Business PCI Compliant Immediately!
If your business uses a payment card system, it must make your business Payment Card Industry (PCI) compliant.
Therefore, ensure your business meets all PCI compliance requirements and attains a PCI compliance level! Thanks for reading this post! If you have any queries about the Payment Card Industry, please comment below!
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