Some key terms to understand when talking about PCI Compliance

Some key terms to understand when talking about PCI Compliance

While many people talk in technical terms about PCI compliance and DSS compliance, many end users, including the business owners that are being targeted with these products are left overwhelmed, scratching their heads and possibly, slightly scared of deploying a solution that might actually save their business instead of leaving it to chance and running the possibility of being caught out at a compliance check, or worse, if they ever experience a breach of security of any kind.

Is it really important? Many people ask if compliance is really all that important, after all, they've functioned for the whole of their trading so far without problems. Lush believed that and were hacked in the first quarter of 2011, and while they got the hack cleaned up and under control rapidly, they were still in trouble for not meeting basic compliance needs and have been fined for it. In January it was reported that 43 customers had experienced fraudulent transactions, and the count was set to rise. Most pundits and other commentators agreed however that the institutions that are breached this way should be punished to the fullest extent of the law.

The most important acronym

There are several key acronyms that end users need to understand to get the most out of the discussions about PCI compliance, and what each means.

PCI means "Payment card Industry " or the standards that everyone issuing and using credit cards adhere to. PCI Compliance is basically the agreement to meet certain standards, based on an industry wide norm that is decided based on the current security needs of processing cards for payment. These rules are usually part of a wider set of regulations that also cover your bank account and other areas of trade, so it's often critical to make sure that your company has deployed an MFT system of some description to protect their client data. What this means for business is that they've got to adhere to the standards laid out by the major banks and credit issuers, financial ombudsman and any other oversight committees that have an eye towards protecting customer data, including the Data Protection act.

So what do I do? If, as a company owner you are concerned that you or your company are not meeting the measures required to be fully PCI compliant, there is a simple solution a range of answers that all incorporate MFT systems into your payment and processing system. If you don't adhere to them, you face stiff penalties in most cases more than taking the step to install them in the first place. Bearing this in mind, asking a team with the expertise to make this work for you will give you leverage over a simple MFT install from a range of solutions, and give both you and your customer's peace of mind.

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