Introduction – The True Cost of PCI Compliance: Everything You Need To Know.
PCI DSS compliance is a requirement for any business that processes, stores, or transmits credit card information. But what does it actually cost to become compliant? This can be a difficult question to answer, as the expense of compliance can vary greatly depending on the size and nature of your business. In this blog post, we will explore the various components that make up the cost of PCI compliance, as well as provide some tips for minimizing those expenses.
What is PCI Compliance?
PCI Compliance is a set of requirements designed to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. The PCI Security Standards Council was created in 2006 by the major credit card brands (Visa, Mastercard, American Express, and Discover) to manage the PCI compliance process.
There are five primary requirements for PCI Compliance:
Build and maintain a secure network
Protect cardholder data
Maintain a vulnerability management program
Implement strong access control measures
Regularly monitor and test networks
If you are a healthcare professional read about HIPAA.
The True Cost of PCI Compliance
One of the most important aspects of running a business is ensuring that your customer’s data is protected. This is where PCI compliance comes in. The Payment Card Industry Data Security Standard (PCI DSS) is a set of regulations that must be followed by all businesses that process, store, or transmit credit card information.
The cost of PCI compliance can be high, but it’s important to remember that the price of not being compliant is even higher. Non-compliance can result in hefty fines, lawsuits, and even the closure of your business.
How Can You Mitigate the Costs of PCI Compliance?
There are four ways that businesses can mitigate the costs of PCI compliance:
Use a Qualified Security Assessor (QSA) to conduct a security assessment and help develop a PCI compliance program.
Implement a comprehensive information security management program (ISMP) that incorporates the 12 core security controls recommended by the National Institute of Standards and Technology (NIST).
Use a payment card data vault to manage and protect payment card data.
Use tokenization to protect payment card data.
If you want to build trust in your services read about SOC for more details
If you process, store, or transmit credit card information, then you will need to become PCI DSS compliant. But what does that actually cost? This can be a difficult question to answer, as the expense of compliance can vary greatly depending on the size and nature of your business. In this blog post, we will explore the various components that make up the cost of PCI compliance, as well as provide some tips for minimizing those expenses.