Regardless of what industry your business is in, data security is vital. It may not be something you think about regularly with other day-to-day business activities, but without it, you can easily put your business and customers at risk.
Why is data security so important?
A breach or theft of cardholder data can have many negative effects–more than just your reputation. They have been shown to:
- Diminish sales
- Incur fines, penalties, and legal costs
- Terminate the ability to accept cards as a payment option
And many more. This is why payment and fintech companies take many preventative measures to ensure data is kept secure. One of the measures payment and fintech companies use is the guidelines, practices, and standards set for by the PCI Security Standards Council.
What is PCI Compliance?
Payment Card Industry (PCI) Compliance, is “a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment” (source).
“Hackers are always looking for ways to intercept cardholder data, so it’s up to us as payment technology providers to safeguard data in every way we can. PCI Compliance is just one of the many great tools out there that helps ensure this.”Kevin Shamoun
Technology Committee Chair, ETA
PCI Professional, PCI Council
What are some of the protective measures used by PCI Compliant companies?
Being a PCI Compliant means that the following goals are met or exceeded:
- Build and maintain a secure network
- Protect cardholder data
- Maintain a vulnerability management program
- Implement strong access control measures
- Regularly monitor and test networks
- Maintain an information security policy
For more details on the protective measures, visit the PCI Security Standards Website here.
FortisPay’s PCI Compliance
FortisPay is PCI DSS Level 1 certified company as a Merchant and Service Provider, processing millions of transactions annually. Level 1 is the strictest in terms of PCI DSS requirements.
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