Are you an online business and sell your products via an internet-based payment system? Have you heard about credit card frauds that frequently occur? It is a fact that with the development of online payment systems and credit card processing systems, the frequency of credit card fraud has also undergone growth. There are some regulations and standards that you need to follow to minimize these occurring. When you violate these standards, there are massive opportunities for credit card fraud also increase. You need to take measures to protect your customer data and avoid fraud. It is vital for your business, and your business success is based on this fact.
But what does PCI mean?
Do you know PCI meaning? A set of standards and rules that protect customers, credit card data is termed as payment card industry data security standard or simply PCI DSS. These are established regulations that offer you protection from fraudulent activities. The payment card industry security standards council governs this regulation in the business vernacular it means PCI compliance.
There are six goals and 12 main requirements that we need to follow for getting PCI compliance. You and your business need to undergo a comprehensive self-assessment to follow these rules. All merchant needs to adhere to these regulations. This self-assessment is based on their specific transaction form or behavior. It will give you an insight into where you are observing these PCI DSS and where are gaps in the safety measurements.
The PCI compliance comes with four levels when we look into PCI DSS standards. The annual transaction volume is the base of these levels in your merchant account. There is a PCI login process on their website.
Within the PCI DSS standards, there are four levels of PCI compliance in Canada. These levels are based on the annual number of transactions for any given merchant.
If you perform more than $6 million MasterCard or Visa transactions, you will need to go for PCI level one compliance. If you have experienced a manipulation in your card data and face an attack, you may be deemed for level 1 safety through your card association.
It is for a transaction between $1 million to $6 million credit card transactions on an annual base. It means if your purchase is within this threshold, you will need level 2 compliance for your operations.
If your transactions occur between $20,000 to $1 million e-commerce transactions via your visa or MasterCard, This is an annual base.
If your annual transactions are less than $20,000 via MasterCard or Visa credit card, you will be evaluated for PCI compliance level 4. For your eCommerce safety, this validation process is vital for your payment processing.
Requirements for PCI compliance
The levels 2, 3, and 4 validation requirements are the same. You will need an annual self-assessment process using PCI SSC self-assessment criteria and questionnaire. An approved network scan vendor may scan your quarterly transaction and assess your validity. You may get it through PCI SSC directly. Then you need to ill an attestation of compliance form.
The validation and assessment requirements for the level one threshold are somewhat different. These requirements are a bit strict. If you want PC level one compliance as an eCommerce merchant, you need a yearly evaluation of compliance. A qualified security assessor will perform this assessment. It is an addition to level2, 3, and 4 assessment criteria that will also be followed. You may get a PCI compliance website log in for the process.
There are some steps for the annual assessment, and QSA will do it. It includes:
- A testing process of your point of sale
- Overall research into your vulnerability aspects
- A list of suggestions for improvement to avoid attacks.
When the evaluation process is done, you need to follow the requirements and recommendations of and develop security protocols that will automatically monitor the progress about your compliance.
Though it is a long and tiring process that is complex and arduous, the risks of noncompliance may become astronomical. It there is a data breach; it will have adverse effects on your business reputation. If it becomes phenomenal, you may be sued not only by PCI SSC but also for those who are related to this process. It may be a visa or MasterCard or any number of other banks. It is a fact that you will have to pay for settlement with these entities if there is a data breach due to noncompliance.
What do I need to do?
You may visit the PCI security standards website or may seek help from a professional service if you want a newer business and look for a compliance certification. You may look for other resources, and PCI SSC approved vendors for this process. If you search in the market place, you will find a lot of PC! Compliance vendor may offer their services for the whole process. You may hire them, and they may do it without your inversion.
It is a complex and lengthy going process that has different steps. But getting a PCI compliance validation has some good reasons. If you do not get the validation, the precious and private data of your customers may be at risk, and this is not good for your business. If you handle this data and process payment s, you should take necessary measures to protect this data for your reputation, trust that is vital for your business growth. It is your responsibility to make their data more secure. You should find a trusted and professional PCI vendor to help you through the process.
PCI compliance survey
You might need to do PCI compliance survey through PCI compliant manager website,it depends on your merchant processing provider.You can read this article we explain How to be PCI complaint ,we explain more about PCI compliant manager and the PCI survey.
The process will make you aware of the fact that there are some standard requirements for this purpose. Your business needs to follow these standards.