It’s not just another trust seal you should have on your online store. PCI or Payment Card Industry has a set of compliance standards that applies to any website that has anything to do with processing payment information, including but not limited to, accepting, storing, or transmitting credit card data. Think: credit card processing, and chances are you will need to comply with the standards.
To attain PCI compliance, your website will have to go through an audit process. In 2005, the US Federal trade Commission received 685,000 security complaints relating to fraud and identity theft, amounting to over $680 million in stolen assets. Soon after, credit card companies like MasterCard and Visa International set out to form the PCI Data Security Standard or PCI-DSS to establish data security across all processing merchants, banks, and service providers. Failure to comply can cost credit card-handling companies as much as $100,000 in fines.
More than avoiding fines or getting that security seal, PCI compliance is about enabling good service delivery and reducing risks. Do take note that the standards vary across different fields and is tied in to the number of transactions processed per month. There are 4 merchant levels. Level 4 is up to 20,000, Level 2 is between 20,000 to 1 million transactions, Level 2 is between 1 million and 6 million transactions and Level 1 is between 6 million and more.
The standards that apply to your online store may including having a firewall to protect cardholder data, encryption of transmission, updated antivirus system, secure systems, ID assignments, testing, maintaining a security policy and more.
Having PCI-DSS compliance can give you the peace of mind that your system will not be easily hacked and may potentially cost you a bundle of money in liabilities and financial loss claims. Plus yes, it does have that benefits of helping your users feel more secure about doing business with you.
