How to Benefit from Payment Card Industry (PCI) Compliance

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How to Benefit from Payment Card Industry (PCI)
Compliance
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Introduction

• In a world that is increasingly moving towards
  online and cashless transactions, credit card
  fraud is perhaps one of the biggest problems
  companies face, and one of the biggest fears
  customers reserve when it comes to payment
  procedures.
• To counter this problem the best way we know how,
  the Payment Card Industry Data Security Standard
  (PCI DSS) was introduced as a standard model,
  applicable to companies of all sizes who accept
  credit card payments.

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Introduction

• If you are a call center working for a company
  that conducts businesses through credit card
  transactions, and stores, processes and transmits
  cardholder data, then you need to implement call
  center software that necessarily ensures that the
  data is to be hosted securely with a PCI
  compliant hosting provider.
• The PCI Security Standards Council outlines a
  specific set of PCI compliance requirements to
  meet various security goals, including security
  of network, protection of cardholder data, access
  control measures and maintaining an information
  security policy.
• Crucial steps in the compliance with PCI include
  maintenance of firewalls to protect data,
  encryption of sensitive data before transmission
  across public networks, regular testing and
  evaluation of the security of systems involved in
  dealing with credit card data, stringent access
  restrictions and logs of monitoring all user
  activity.

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Introduction

• Being PCI compliant is a huge step towards
  ensuring that your customers data stays safe and
  seamless transmissions can take place.
• The Payment Card Industry Data Security Standard
  establishes comprehensive guidelines for security
  of the most sensitive data. However, setup and
  initialization drive many merchants into
  believing it to be a service they can leave
  without.
• Such an approach leaves both customer and company
  liable to face huge losses if instances of credit
  card fraud do take place, which becomes
  increasingly likely if there are no strong
  measures adopted to ensure security of service.
• PCI compliance is extremely intimidating for
  organizations relying on the payment card
  industry for the majority of their transactions,
  says Dr. Michael Mathews, CTO of CynergisTek.
  PCI On Demand platform reduces the cost and
  complexity of security and compliance for
  organizations through the software-as-a-service
  model.

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Tips will help you understand how adhering to PCI
compliances

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• Businesses that adhere to PCI compliance enjoy
  significant benefits over those who dont, the
  foremost of which is the decreased risk of a
  security breach.
• Online breaches are the biggest worry for
  businesses in the digital age, and following the
  12 guidelines set out in PCI standards renders a
  company 50 more likely to withstand a breach,
  according to a Verizon study.
•  Managers of the company can focus on the
  positive goals rather than spending a significant
  amount of time and effort ensuring that security
  is intact.
• This allows for far greater productivity in the
  workplace, because one significant headache is
  taken out of the equation.
• Clients are more likely to feel comfortable
  sharing their sensitive data once they know that
  all possible security measures are taken. Thus it
  is important for a company to be PCI compliant
  for clients to feel relaxed when they make
  purchases using credit card details.

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• Companies are forever on the lookout for tools
  that can boost customer confidence. Even though
  the average customer may not be fully aware of
  what it means to be PCI compliant, awareness is
  growing every day, and a customer who does a
  little bit of research before letting their
  personal data out into public networks, will be
  much more likely to trust a PCI compliant
  company.
• Data breaches are not just an inconvenience for
  the customer involved, but cause hefty losses for
  the company who was in charge of protecting the
  data.
• Fines for breaches could run up to as high as
  500,000, which translates to over 3 crores INR.
  Companies that are PCI compliant significantly
  reduce the risk of running into such humongous
  fines.
• Setting up PCI compliance can be achieved without
  disruption in existing machinery for a company.
  There are experts who can outline the plans
  necessary, and their implementation can occur
  without affecting the business in any other form.
  Therefore, PCI compliance is relatively easy to
  obtain.

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• A PCI compliant seal on the website is a known
  way to increase business. For digital retailers,
  consumers may feel hesitant to fill out an online
  form asking for all of their personal details.
• The trusted seal improves the customers
  confidence in the company and leads to increase
  in revenue. A VeriSign study has found the
  click-through to increase by 18.5 due to the
  presence of that seal.
• PCI compliance is an important step to protecting
  the companys reputation, since all the customers
  have to be informed immediately if a breach does
  take place.
• Companies thrive on the positive impressions, and
  thus it is important for them to ensure that
  their clients know how secure their data is.

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• PCI DSS compliance ensures that the system
  maintained by the company is periodically checked
  for vulnerabilities.
• This is an excellent step for the company since
  they can get to know exactly where are their
  weakest points and rectify them immediately, so
  that at no point of this procedure does their
  business get hampered.
• PCI DSS requires quarterly reviews of firewall
  configurations and antivirus maintenance. This
  means that should a new threat be identified, the
  firewall is regularly updated and reconfigured to
  incorporate a counter to that new threat. This is
  how companies can stay up to date and be safe
  from all the latest designs that threats can
  take.
•  

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• A lot of the importance of PCI lies in the
  vulnerability that comes with not adhering to its
  guidelines. Companies that opt out of PCI
  compliance are likely to see data breaches
  ranging from minor discrepancies to genuine data
  loss and theft with the possibility being more
  than twice that of a PCI compliant company. This
  translates to a loss of revenue, client
  confidence and business.
• PCI ensures the security of sensitive data not
  only at the source where the user enters them,
  but throughout the transmission and receiving
  process through establishing a cardholder
  environment (CDE) through which the data can
  securely flow.
• The process of PCI compliance facilitates better
  internal security strategies as well. Taking the
  PCI DSS as a standard, internal policies can be
  framed with the same principles of encryption,
  access control, evaluating periods, firewall
  configurations, monitoring, etc.

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• Managers at the company are notified of any
  external agents request to view protected data.
  This can help to evaluate either a legitimate
  third party who has been outsourced some work, or
  an illegal attempt to breach secure data.
  Subsequently, such efforts can be traced back to
  the owner and cyber security can be enforced.
• Workings of a company become more streamlined
  once PCI compliances are held up. Systematic
  approaches can be taken, modeled after the PCI
  DSS standards which help to revamp the workflow
  in the company to reflect the idea of putting
  security first.
• This increases efficiency in the workforce and
  leads eventually to better business decisions.

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