
Houston, Texas, February 12, 2024 — IronEdge Group is honored…
The Payment Card Industry Security Standards Council created regulations for financial service organizations to address a growing number of merchant-based vulnerabilities that put businesses and consumers at risk. The goal of these standards is to stop cardholder data from getting accessed by unauthorized parties, such as a cyber criminal.
The data that is protected under these standards includes:
Noncompliance penalties come from the payment brands themselves and are issued to the acquiring bank. These fines range from $5,000 to $100,000 per month until the violation is addressed. Typically, the acquiring bank passes this fine to the merchant in noncompliance. You also face the potential for the bank to drop you as a client or increase your rates. If your processing fees suddenly go up, it can be difficult to maintain a profit margin that’s sufficient for you to remain in business.
Your merchant account agreement with the acquiring bank will go into detail of the potential consequences, as they vary based on the financial institution that you’re working with and the contract terms you agreed to originally.
Any company that is storing, processing or transmitted the protected cardholder data listed above is subject to PCI regulations. If you create software or manufacturer hardware that’s involved at any step of that process, then the PCI has other guidelines that are specific to those situations.
PCI compliance is an ongoing process, as new vulnerabilities may appear at any time. You have three primary steps to focus on:
Here are a few recommendations for protecting your organization against vulnerabilities and keeping cardholder data safe:
You need a strong team of security specialists who are familiar with the risks associated with payment processing. Recruiting enough employees with this type of specialization, especially on short notice, can be difficult in a competitive job market. An IT services company that understands PCI compliance requirements and has experience implementing these measures can help you get up to speed quickly. When you’re worried about becoming compliance with PCI standards or you need to overhaul your systems due to emerging vulnerabilities, an IT company offers you the expert resources you need to make this a smooth process.
Complying with PCI data security standards is a must if you work with cardholder data. The financial industry gets hit hard with data breaches, as this information is incredibly valuable for criminals. When you come into compliance with PCI standards, you not only avoid the penalties, you also end up with robust cyber security measures in place that protect your entire organization. Working with a trusted IT services company allows you to bring in the resources you need to achieve this goal without needing to hire more full-time IT specialists.
Houston, Texas, February 12, 2024 — IronEdge Group is honored…