What happens if not pci compliant

All companies that routinely handle this type of data should be aiming to exceed the standard. Fact: Incorrect — both are required. As such, they are covered under PCI and must be protected in the same way as credit cards.

Fact: Incorrect — the PCI standard applies to all sizes of business and waiting could be costly. Fact: The Self-Assessment Questionnaire SAQ is a mechanism for getting the information about the level of your compliance to your merchant bank. The standard applies at all times. Just saying yes to the questions puts you at great risk. If a compromise took place and it was obvious that you were not and have never been PCI compliant, the matter would be taken very seriously.

Fact: The dates for merchants to be PCI compliant are long gone. You are responsible for making sure you are in compliance.

Waiting until the bank asks you could be very costly indeed. Fact: The PCI standard forms part of the operating regulations that are the rules under which merchants are allowed to operate merchant accounts. The regulations signed when you open an account at the bank state that the VISA regulations have to be adhered to.

Even if you have been in business for decades, PCI still applies if you store, process or transmit credit cards. Fact: Many merchants believe that they own the customer and have a right to store all the data about that customer in order to help their business.

Not only is this incorrect regarding PCI, it may also be a violation of State and Federal legislation regarding privacy. The PCI regulations specifically forbid storing of any of the following:. Fact: Many vendors offer an array of software and services for PCI compliance. Fact: Outsourcing simplifies payment card processing but does not provide automatic compliance.

Your business must protect cardholder data when you receive it, and process charge backs and refunds. You should request a certificate of compliance annually from providers. In , approximately 1. Once your security has been endangered, it will be very difficult for your clients to start trusting you again.

If your company is big and operates with a large volume of clients, the Federal Trade Commission can decide to perform frequent audits to make sure that you comply with the security standard. Complying with the security regulations for managing bank cards is extremely important for your business and the safety of your clients. It ensures security and protection of data in credit card transactions. PCI compliance is a necessity for businesses that store, send, and process cardholder data.

As a result, the PCI Standards Council set these best practices for PCI compliance in order to best protect businesses and consumers who are conducting purchases online:. These emails leave consumers feeling vulnerable in their online transactions and they can have quite a negative impact on a business.

Take note: PCI compliance is universal for any site that includes transactions with credit or debit cards online — the compliance is the same for large international companies and small businesses. In order to be PCI compliant, you must go through the proper training and fulfill the requirements.

And you have to take appropriate security measures to protect your transactions. A reliable IT consulting firm can provide these services for you.