What Does PCI DSS Compliance Mean?

The Payment Card Industry Data Security Standard, or PCI DSS, is in essence a council which has designed a comprehensive list of standards to make certain that all organizations are capable of protecting their customer's personal details. This means that every firm that either processes, stores or transmits credit card information will need to maintain a secure and safe environment for all transactions. Simply put, if your firm allows credit card payments then you have to be PCI DSS compliant.

In September, 2006, major banks American Express, Discover, JCB, MasterCard, and Visa, Inc. They made it their mission to improve data protection within companies. These firms founded a governing body, the Payment Card Industry Data Security Standard or PCI DSS.

The standard applies to all companies or retailers, regardless of their size or the numbers of transactions, that they accept, transmit or store. It is essential that every firm complies with these standards to ensure a secure and safe shopping setting for all patrons.

This body has made it compulsory for all small, medium or large companies, as well as their financial institution to meet these standards and they imply severe penalties for any PCI compliance violations. For noncompliance, companies can see fines from $5,000 to $100,000 per month of violation.

As the business owner it is your duty to make certain that your service providers are PCI DSS compliant. It is all very well that your firm adheres to the regulations but if your bank does not then your efforts could be in vain. Financial institutions are liable as well for noncompliance fines. However, the sad likelihood is that the fines will make their way down the chain and could end up having a ruinous impact on your organization. Fines of this level could be destructive to smaller businesses.

There are a variety of principles by which firms and suppliers must abide in order to be compliant. PCI DSS compliancy could even make your company more appealing to likely customers as you can make certain that their information will be safe and secure. This will make them more likely to use their credit cards to obtain services and goods from your firm rather than a competitor.

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