Why PCI Compliance Matters for Small Business Security

Without experience running a business, the intricacies of accepting credit card payments probably wouldn’t occur to the average person. However, there is a complex maze of requirements, rules, and standards that a business must meet before it may do so. These are what make up the Payment Card Industry Data Security Standard. Let’s go over what this standard demands and what you need to do to ensure compliance is achieved… plus, why compliance is so critical in the first place.

Understanding the Payment Card Industry Data Security Standard (PCI DSS)

Back in 2004, Visa, Mastercard, Discover Financial Services, JCB International, and American Express convened to form the Payment Card Industry Security Standards Council. Together, this group established a set of security prerequisites that vendors needed to meet to accept credit card payments. Financial data is extremely valuable to cybercriminals, so these specialized financial services businesses are motivated to protect themselves from post-data-breach blowback by ensuring that their clients use their services securely.

It’s similar to workplace safety standards, in a way. Businesses are required to maintain certain safety standards to protect their employees and clientele. Failure to comply with these standards (like PCI DSS) can lead to the business losing privileges (in this case, the ability to accept and process credit card payments).

As for PCI DSS, its standards are pretty straightforward:

• Properly securing the business network - Tools like a properly configured firewall help to keep unauthorized parties from accessing the point-of-sale (POS) systems you’ve implemented.
• Protecting cardholder data and information - All credit card numbers must be encrypted and never stored in an insecure format or location.
• Access management - Only those responsible for payment processing should have access to payment data, each with a unique login. Never share these access credentials across departments.
• Test regularly - Make things as difficult as possible for someone trying to access your network without authorization. Manage your firewalls, patch all vulnerabilities, and run security scans regularly.

Maintaining Your Compliance Makes a Substantial Difference

While all this management and maintenance may seem more of a pain than anything else, it actually makes a much greater difference than just avoiding a few fines. In reality, the financial consequences can be extreme (to put it as mildly as possible).

A data breach means more than just loss of data. If payment card details were involved, that breach will also mean the business will face steep fines, card replacement costs, and possibly legal expenses. Most impactful, however, is the loss of trust.

Just imagine if the grocery store you frequented or your favorite cafe was suddenly the reason your credit card had a $7,000 balance. Am I wrong to assume that you’d at least hesitate before going back? Your clientele will feel the same way about you and will find another option if they want to. Chances are, they will.

Maintaining All These Requirements is a Lot to Manage…

…especially for a small or even medium-sized business. Your expertise lies in your chosen industry, not the technology that gives you a platform. You shouldn’t have to master an additional, extraneous skill simply to work in your chosen field.  

We, however, have those skills… and we’re happy to work with you and share them.

Among our many specialties at Aspire Business Solutions is ensuring that all this work is handled on your behalf. Your IT is our responsibility as much as it is yours.

If You’re Concerned About PCI DSS or Any Other IT Need, Reach Out

We’ll examine your entire IT infrastructure and determine how it should be configured to optimally support your operations—where your most pressing needs are, whether your protections are sufficient, and how to improve your business workflows.

If you’re ready to talk to us about what a partnership would bring, call us at (405) 494-0828.