The internet development of the eCommerce industry helps businesses pursue growth with the help of limitless consumption as it overcomes the limitations of geographical barriers. But as every coin has two sides, accepting card payments online becomes a concern for businesses as fraudsters seek ways to steal customer data. This is when the store owners and customers must get concerned about PCI compliance.
In every other eCommerce store, you might have read PCI Compliant. But what exactly is PCI compliance? Why does your store Magento eCommerce Store need it?
What is PCI Compliance?
PCI means Payment Card Industry, just like the name says, PCI compliance refers to a set of guidelines and standards to ensure the security of credit card transactions. In other words, PCI compliance takes into consideration two sides: technical and operation. Businesses follow these standards in order to manage and protect cardholder data while making online transactions. PCI standards for compliance are generally developed and offered by PCI Security Standards Council.
The businesses that follow and achieve PCI DSS(Data Security Standards) are considered PCI compliant.
Why does a Store Need to be PCI Compliant?
eCommerce seems to be dominating the market for the last few years. Right with this trend, there is a concern regarding the security of customer data when it comes to online payment transactions. Securing customer data is when PCI compliance makes an important point.
When a company is PCI compliant, there are various benefits that come along:
- Alleviation in the data breach. It helps in the protection of the data of cardholders from cyber attacks.
- Fines due to low-quality security can be avoided. Avoid mistakes that cause data breaches as being PCI compliant means that your store manages the customer data securely.
- Improve brand reputation and build trust while making payments online through your website
- A secured network built between business and customers, along with a global payment card data security solution
- You’ll be better prepared to comply with other standards, such as HIPAA, SOX, and others, while you work to meet PCI Compliance.
Though laws haven’t made PCI compliance mandatory, it is still considered compulsory by court precedent; it is the store owner’s responsibility to secure customers’ financial information while accepting payments via card.
PCI Compliance Checklist
Let’s have a look at the guidelines and set of standards that the store might require to completely adhere to, set by PCI Standard Council;
It has been named as PCI DSS (Payment Card Industry Data Security Standard):
- 12 key requirements
- 78 base requirements
- 400 test procedures
These guidelines are used to ensure if an organization is PCI compliant or not.
The 12 Key Requirements Include:
- Implementation and maintenance firewalls to protect data
- Upgradation of security with password protection
- Protection of stored cardholder data
- Encryption of transmitted cardholder data
- Utilization of anti-virus software
- Timely updates of software and maintenance of security systems
- Restricted access to card data
- Unique IDs for data access
- Restrict physical access to data
- Create and monitor access logs
- Scan and test for vulnerabilities regularly
- Regular test process and security systems
Does your store meet these key requirements? If yes, what are you waiting for? Get your PCI compliance today and make sure to secure your customer’s data.
