What is PCI Compliance?
At Merchant Advice Service, we frequently receive enquiries regarding PCI DSS Compliance. Clients seek clarity on what PCI stands for and, more importantly, how it impacts their business.
PCI DSS, or Payment Card Industry Data Security Standard, was introduced to the UK in September 2006. Its primary aim is to establish a secure environment for companies handling card transactions and consumer data. The PCI Security Standards Organisation manages and administers these standards and is an independent body formed by major card companies including Visa, MasterCard, American Express, JCB International, and Discover Financial Services. Notably, acquiring banks are responsible for enforcing compliance rather than the organisation itself.
Key PCI Compliance Checklist
PCI compliance is structured around six categories:
Build and maintain a secure network
Protect cardholder data
Maintain a vulnerability management program
Implement strong access control measures
Regularly monitor and test networks
Maintain an information security policy
Before delving deeper, it’s essential to note that some organisations impose hefty PCI fees on customers, even when compliance is a straightforward process. At Merchant Advice Service, our free consultation aims to provide cost-saving recommendations with no obligation.
PCI Compliance Levels and Validation Requirements
UK businesses fall into one of four PCI compliance levels based on Visa transaction volume, each with distinct validation requirements:
Level One: Merchants processing over 6 million Visa transactions per year.
Level Two: Merchants processing between 1 million and 6 million Visa transactions per year.
Level Three: Merchants processing between 20 thousand and 1 million e-commerce Visa transactions per year.
Level Four: Merchants processing fewer than 20 thousand e-commerce Visa transactions or up to 1 million Visa transactions per year.
Significance for Merchants
PCI DSS compliance demonstrates a commitment to safeguarding customer data, particularly crucial for e-commerce websites susceptible to cyber threats. Although compliance requirements may seem complex, they are obligatory for all businesses processing card payments.
Finding a PCI Compliant Assessor
Several reputable companies, including Trustwave, Control Scan, and SRM-Solutions, offer external assessments. A list of contacts and links is provided for further assistance.
PCI DSS Compliance Costs
Costs vary, with an average of £150 for assessments conducted annually. Some major merchant account providers, like Paypal and WorldPay, manage PCI compliance on behalf of merchants, charging monthly or annually. Notably, non-compliance charges could result in fines, starting at £3000.
Useful Links for PCI DSS Compliance
How Merchant Advice Service Can Help
Understanding and implementing the Security Standard PCI DSS is crucial for all businesses that handle card transactions. Not adhering to these standards can lead to serious data breaches and hefty fines. It’s vital to restrict access to cardholder information and store cardholder data securely. Regular assessments, including Assessment Questionnaires SAQs and annual PCI DSS Requirement reviews, are essential to maintain compliance.
Failing to restrict physical access to sensitive data or adequately track and monitor access on a public network can pose significant risks. Remember, each card brand has specific requirements that must be met. Compliance is not just about avoiding penalties; it’s about protecting your customers and your business.
Merchant Advice Service is dedicated to helping you understand these complexities. We offer guidance to ensure your business complies with PCI DSS, helping you avoid unnecessary expenses and enhance your data security measures. Visit our blog page for more advice and insights into navigating the world of PCI compliance.
