What are the common challenges ecommerce businesses face when trying to become PCI DSS compliant?
B2B ecommerce processes must be Payment Card Industry Data Security Standard or PCI DSS compliant.?
As cybercrime increases it’s more important than ever to know that payment information is properly managed and protected. Your customers expect it and a data breach could cost money and damage your business reputation. Mistakes can lead to fines, withdrawal of credit card acceptance, lost sales, and legal costs.?
The PCI DSS provides a framework for securely accepting, transmitting, and storing sensitive information. The PCI Security Standards Council enforces compliance. It includes international providers like Visa, MasterCard, and American Express.?
However, maintaining full compliance is challenging. Even some of the world’s largest corporations have been affected by cybercrime.?
One of the biggest payment card data breaches involved the credit reporting agency Equifax. It affected over 143million Americans and over 15million people in the UK and Canada. Stolen data included social security numbers, birth dates, addresses, driving licenses, and credit card numbers. The settlement was US$425million, but those affected can still make claims until January 2024.?
In 2020 a group of hackers called Magecart targeted Warner Music Group for three months. The stolen payment card information included card numbers, CVC/CVVs, and expiration dates. The hackers focused on the supply chain, infecting third-party software to capture customer data as purchases were made.?
To help you meet some of the challenges involved in being PCS DSS compliant here’s advice from the Cloudfy team.?
Be security-minded from the start?
The PCI DSS applies to all companies handling cardholder data, regardless of their size. If you’re selling online you must meet these requirements. They will minimize the risk of debit and credit card data loss and help to make sure you’re operating in a secure environment.?
The 12 requirements in the PCI DSS guidelines cover:?
By applying these data security protocols from the start, you can protect your business and your customers from payment card fraud.?
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Understanding your data security responsibilities?
Your responsibilities are similar to ‘brick and mortar’ companies selling to their customers in person. The PCI DSS assesses online sellers at different levels based on risk.?
There are four levels with different compliance requirements. Level four is for businesses handling less than 20,000 transactions annually. Level one is for companies with over six million transactions per year. However, you might need to comply at a higher level if, for example, a security breach results in compromised data.?
The data you must protect includes the full Primary Account Number or PAN along with the cardholder’s name, expiration date, and service code. Authentication information like full magnetic stripe data and PINs also requires protection.?
Data security by design?
The surest ways to maintain compliance are to build and maintain a secure network including firewalls. You should also make sure your hosting provider is PCI DSS compliant. Encryption should protect all the data you transmit across public networks and your website needs routine checks for vulnerabilities.?
Meeting the requirements of the PCI DSS is an ongoing process. Even if your company is fully compliant today, a new risk could emerge tomorrow.?
Safeguard your data?
Cloudfy is a cloud-based ecommerce platform offering an impressive range of ecommerce functionality, upgrades and hosting as a monthly subscription. Cloudfy takes digital security very seriously and is designed to include trust and security functionality.?
Contact the Cloudfy team to schedule a free demonstration.?