PCI Compliance Guide for Small Business Owners

Knowledge of PCI compliance can help small business owners avoid the adverse consequences of data security issues. After all, you don't have the expensive data security resources that large enterprises have. Plus, you probably don't have the training to help you block security holes.

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But even if you have a security background, there are some critical facts you may not know. Many changes have recently been made to compliance requirements. So it's more important than ever to stay informed about how to protect your customers' data.

Small business owners should understand the requirements of PCI compliance, as it affects how you manage and protect your customers' credit card information. The more you know about PCI compliance, the better prepared you are.

What is PCI Compliance?

Did you know that over 80% of American businesses have been successfully hacked? Because of this daunting statistic, companies that handle credit cards must meet several requirements. The Payment Card Industry Data Security Standard (PCI DSS) is an industry standard that requires merchants to protect their customers' credit card data.

PCI DSS aims to minimize the risk of data breaches involving credit card numbers. This became possible by establishing rules for secure network design and software development practices, standards for access control management, vulnerability management and penetration testing.

PCI Compliance Requirements

PCI DSS is a set of 12 requirements that businesses must follow to ensure the security of their customers' credit card data. Failure to comply with these standards may result in fines and penalties.

Here is a brief overview of how each requirement can affect your small business.

1. Install and maintain a firewall.

This requirement helps keep your company's firewall up-to-date and secure so that no one can access your systems without authorization. If you use a network firewall, you should configure it to deny all traffic except what you need to run day-to-day operations.

It's also worth making sure that firewalls or other security measures are set up to protect any other devices using the same network as your system.

2. Do not use shared servers or services to store credit card data.

If you use shared hosting services or virtual private server (VPS) providers to host your website and e-commerce store, you may not store credit card data on those servers unless that they are PCI compliant.

Even though they comply with other industry standards, such as HIPAA or FISMA (the Health Insurance Portability and Accountability Act and the Federal Health Insurance Management Act information), they may still be vulnerable to attacks that could expose your customers' data.< /p>

A better option is to use dedicated hardware, such as a managed server designed specifically for e-commerce sites. These servers are designed with security in mind, so there are fewer entry points for hackers to exploit.

3. Protect stored cardholder data.

Cardholder data is any information that you can use to identify a cardholder directly or indirectly. This may include the cardholder's name, address, account number and expiration date. It also includes the name, address, phone number and website of the card-issuing bank.

You should protect your cardholder data by storing it in a secure location. This means that you should keep it on a computer not accessible via the Internet and ensure that only authorized employees can access it.

You should also destroy copies of this information as soon as possible when a customer no longer needs it to complete their order or transact with you.

4. Encrypt cardholder data over open public networks.

To comply with PCI DSS requirements, encrypt all transmissions of sensitive data over open public networks. This includes wireless networks or Internet connections in cafes or other public places where customers may use unsecured networks that do not use encryption technology to protect their information.

Hackers could be lurking nearby, looking to easily steal personal information...