What's PCI compliance? It stands for payment card industry and is understood to be some requirements made to make sure that all companies who process, store, or transmit charge card information maintain a secure environment. The PCI Security Standards was established in 2006 through the five major issuers (Visa, MasterCard, American Express, Discover and JCB). Before the establishment of the council each issuer followed their very own practices.
If you are a merchant having a merchant ID and also you accept credit cards as a type of payment- these compliance standards are designed for YOU. As I am sure you are aware, we view many incidences of information breaches publicized through the media. Currently, PCI compliance isn't mandated by the federal government. Many states already require notifications to the consumer in case of a data breach. It is very likely as time progresses that the definition of what is considered private information will change.
What is the real price of an information breach? The fines **ociated with non-compliance or breach of information could be $10,000 - $500,000 per incident. PCI compliance will definitely cost up to an average of 2.7 million among Level 1 merchants and $267,000 among Level 2 merchants. Merchants may fall into one of four PCI compliance levels based upon their transaction volume. The US National Archives and Records Administration reports 50% of businesses that loose their critical data for 10 days or more need to seek bankruptcy relief immediately. These fees can instantly become catastrophic to any company.
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Do you know the first steps towards compliance? On a quarterly basis, all merchants have to scan (PCI Scanning) all external-facing IP addresses by an Approved Scanning Vendor (ASV). Secondly, they must complete a yearly Self-**essment Questionnaire (SAQ). And finally, they have to give a yearly Set of Compliance. This report is submitted to the organization you signed a contract with for your credit card machine. Based upon your merchant level will depend upon the quantity of detail needed in this report.
The idea of PCI compliance is still in the evolving stages and I know this is often overwhelming and confusing. However, this is a necessary key to make sure the protection of shoppers everywhere. Allow me to **ist you to streamline and simplify the process for the company. Being part of a waste management company doesn't preclude you against ensuring PCI compliance for the customers.