Make Sure Your Credit Card Transactions are Secure

Make Sure Your Credit Card Transactions are Secure

January 25, 2019

Don’t Find Your Business on the Evening News

We’ve all heard of the data breaches of Equifax and Target where millions of records were compromised by hackers. These are the types of events that make the evening news. Statistics indicate that cardholder data breaches are on the rise, and criminals are increasingly targeting small and medium businesses to obtain cardholder information.

Group of credit cardsProtecting the Consumer
To help protect consumers’ credit/debit card data the payment card industry now requires any merchant that processes, transmits, or stores customer’s cardholder data to achieve PCI compliance. The Payment Card Industry Data Security Standard (PCI DSS) is comprised of 12 high-level PCI DSS requirements.

The PCI DSS 12 requirements are as follows:

1. Install and maintain a firewall configuration to protect cardholder data.

2. Do not use vendor-supplied defaults for system passwords and other security parameters.

3. Protect stored cardholder data. 

4. Encrypt transmission of cardholder data across open, public networks.

5. Use and regularly update antivirus software. 

6. Develop and maintain secure systems and applications.

7. Restrict access to cardholder data by business need-to-know. 

8. Assign a unique ID to each person with computer access. 

9. Restrict physical access to cardholder data.

10. Track and monitor all access to network resources and cardholder data.

11. Regularly test security systems and processes.

12. Maintain a policy that addresses information security.

Applies to Companies of Any Size
PCI DSS applies to companies of any size that accept credit card payments. If your company accepts card payment, and store, process and transmit cardholder data, you need to host your data securely with a PCI compliant hosting provider.

Failure to meet the PCI DSS 12 requirements may result in fines or termination of credit card processing privileges.  Additional costs can include:

  • Notification, card reissuance, and credit monitoring costs for affected parties
  • Forensic investigation and remediation costs
  • Increased rates charged by banks and/or processor

Finding a Partner that Understands these Requirements
Engaging a company like Abstract Technology Group that understands the technical requirements of the PCI DSS can simplify the process and help your organization adopt these practices and achieve compliance.  

Contact us at 765-420-8324 and we would be happy to discuss your options.