The payment Card Industry Data Security Standard is referred to as PCI DSS. It is a collection of security requirements created to guarantee that all businesses that process, store, or transfer credit card data do so in a secure setting. Business owners frequently give us all kinds of justifications for why they do not need to be PCI compliant or even try to convince us that they are without actually knowing that they are not.
We understand that running a business requires a lot of effort, and becoming knowledgeable about PCI compliance can be a full-time job in itself. PCI is an ongoing initiative to be and remain compliant while also monitoring its revisions. View the most recent PCI DSS changes. In actuality, PCI applies to every business, regardless of size, that takes credit card payments. Your organization must secure the cardholder data with a PCI compliant supplier if you accept credit card payments, store, process, or send cardholder data.
PCI compliance doesn’t have to be challenging, even though it can be perplexing. Knowing the definitions of terms like compliance, validation, and assessments is necessary to comprehend PCI. We have compiled the most frequent remarks made by business owners. And we want to bust these myths today! Let’s begin!
Myth: My business is too small and I only have a few credit card transactions. I don’t have to adhere to PCI standards.
This opinion has been expressed by numerous business owners. You must be PCI compliant if you process at least ONE credit card transaction, according to the PCI security Guidelines. Hackers are just as likely to target your little business as they are large corporations.
Myth: I never agreed to a contract with my bank or POS provider that required me to be compliant. So, it can’t be required.
Can you recall when your company’s bank account was first opened? You must follow certain VISA rules before doing this. You, not the bank or POS provider, are in charge of maintaining PCI compliance if you store, handle, or send credit card data. The bank’s fines and compensation demands will hurt your company’s bottom line if your company experiences a breach and you are not PCI compliant.
Myth: If I simply check the “yes” box next to every requirement on the Self-Assessment Questionnaire (SAQ), I will be PCI compliant.
In order to help merchants and service providers submit the findings of their PCI self-assessment, the Self-Assessment Questionnaires (SAQ) are validation tools. Since your answers will be used to verify your PCI compliance, you must be truthful. Saying “Yes” without being sure of your answer puts your company at risk of a credit card data leak. And as we both know, no one wants a data breach to damage the reputation of their brand.
Myth: I don’t accept online orders for my company. Thus I don’t require PCI.
You will require PCI whether your clients buy your products and services offline or online. Both POS machines and online services might provide payment risk. The majority of the largest data breaches that you read about in the news have involved POS equipment. Hackers will employ every available means to gain access to payment information.
Myth: PCI compliance and validation are identical.
In terms of PCI, compliance is not just an endpoint objective but rather a continuous process. In addition to becoming compliant, the overarching goal is to keep that compliance within the bounds of PCI DSS. On the other side, the process of checking or certifying conformity is known as validation (or lack thereof). This could involve technical validations like your vulnerability scanning or penetration testing or audit activities (SAQ).
Myth: I’ll be PCI compliant if I complete the SAQ and vulnerability scans.
Many business owners mistakenly believe that scheduling vulnerability scans and finishing the yearly SAQ is all that is necessary to be in compliance when, in reality, scans only fall under 1 of 6 subsections of PCI DSS criterion #11. Vulnerability scans make up less than 8% of the standard’s total 12 requirements, which equals 12.
We trust that now you are clear on these misconceptions. Understanding PCI is essential for the safety of your company and, most importantly, your clients. Please read more here if you’re interested in advancing your PCI education and discovering more about the various merchant and validation levels. Of course, you can also contact us if you have any questions or email us for a demo at demo@cyb3r-x.com.
