OnRamp Can Help You Navigate the IT Challenges That Come with PCI Compliance.
Any entity that handles payment card data—whether a merchant, a service provider, an acquirer, an issuer or a processor—needs to be PCI compliant. This means that each entity must comply with the 12 requirements laid out in the Payment Card Industry Data Security Standard, or PCI DSS. These requirements are intended to aid payment card industry entities in reducing instances of cardholder data security breaches, as well as payment card fraud.
WHAT DOES IT ACHIEVE?
The execution of PCI compliance creates secure, regularly-assessed environments and processes surrounding the handling of payment card data during its processing, storage and transmission. This entails the protection of cardholder data (CHD) at not only the point of sale, but during its storage and transmission in a cardholder environment (CDE). This includes both network access by external parties and internal access to CDE system components. Because the PCI DSS necessitates the implementation of security standards for these environments and processes, complying with PCI security standards helps ensure the safety of cardholder data. What’s more, because PCI compliance requires regular assessment and remediation, the process of compliance facilitates better internal security strategies and can help prevent future problems.
These measures do more than just create a secure CDE, however. PCI compliance allows payment card industry entities to do business with those whose trust they need most: acquirers, payment brands and customers. And proving compliance doesn’t just protect CHD—it protects the relationships and reputations that entities form with their partners. For example, PCI compliant hosting allows software providers to maintain the trust and business of their clients, and PCI compliant merchants can maintain the trust of customers. In short, by achieving PCI compliance, entities are better able to protect user data and create a dependable CDE.
WHAT HAPPENS IF YOU DON’T ACHIEVE PCI COMPLIANCE
Just as PCI compliance has many benefits, failing to achieve PCI compliance has negative consequences that can seriously damage an entity’s ability to do business. Failure can not only compromise CHD, but an entity’s reputation and success as well. Data compromise can cause the loss of customer trust, a loss of business of payment brands and acquirers and even the potential for legal action against the compromised entity.