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Understanding PCI DSS
PNC Merchant Services®
What is PCI DSS & Why Is It Critical?
As the payment industry continues to grow and the underlying technology evolves, there are more and more opportunities for data security breaches that can lead to criminal activity. Your customers' credit and debit card data represents a gold mine for thieves who are intent on hacking into your payment system to steal this sensitive information.
Payment Card Industry Data Security Standards (PCI DSS) are a mandatory set of security standards designed to help reduce the risk of fraud and theft of sensitive credit and debit card data. Following PCI DSS will help you protect your customers' sensitive card data and avoid fines assessed by the payment networks for non-compliance.
The security procedures detailed in PCI DSS are requirements, not guidelines, for all businesses that accept credit and debit cards for payment. Businesses that do not validate compliance are subject to substantial fines, and may also be stripped of their ability to accept credit and debit cards in the future.
In addition, businesses must validate that they are in compliance with PCI DSS. PCI DSS validation requirements vary depending on the number of transactions processed annually and whether you accept cards in an eCommerce setting. It's important to become familiar with the specific requirements that apply to your business. PCI DSS compliance may also help shield your business from some legal liability in the event of a data breach.
Benefits of Following PCI DSS Protocols
- Helps protect your customers' sensitive card data.
- Avoid fines and some liability due to non-compliance.
- Avoid potentially losing the ability to accept credit and debit cards due to non-compliance.
- Exhibits the use of industry best practices for helping prevent data security breaches.