PCI DSS Meaning
PCI is the acronym used for the Payment Card Industry. The PCI Data Security Standard is a set of compliance standards in place for the way companies process, store and transmit payment card information.
These compliance measures pertain to any company or organization that accepts, stores or transmits data of payment card holders. The standards are managed by the PCI Security Standards Council and are in place to help combat credit card fraud, identity theft and fraud on consumer transactions.
The Definition of PCI DSS Compliance
Here are some key things to know about the meaning of PCI Data Security Standard compliance:
PCI compliance standards are enforced upon any merchant that processes information or transactions for credit cards, debit cards or prepaid gift cards for either American Express, Discover, JCB, MasterCard or Visa.
The PCI compliance protocol is in place for point-of-sale, online and telephone transactions. The protected information includes the name of the cardholder, expiration date, service code, magnetic stripe data, card numbers, PIN numbers and more.
There are four different levels of PCI compliance, and each merchant falls into one of these four categories based on the number of annual transactions they process. Level one is for merchants with over six million transactions per year, level two is for 1-6 million, level three is for 20,000 to one million and level four is for merchants with less than 20,000 per year.
The penalties for a breach of PCI compliance are not widely publicized but have been known to include fines ranging from $5,000 up to $100,000 for each month of non-compliance.
- Third-party processors
Companies that use a third-party credit card processor instead of their own internal system still must remain in compliance with PCI.
Complying With PCI
Ultimately, remaining in compliance with PCI standards is the responsibility of each individual merchant. But having an IT service provider that takes PCI regulations into account for its security can go a long way in helping in compliance.
The remote management solutions from SolarWinds MSP (formerly LOGICnow) take into account a merchant’s needs for complying with PCI protocol.
Sign up for a free trial today to see how easy it is to comply with PCI standards using the solutions from SolarWinds MSP!
PCI Security Standards Council: https://www.pcisecuritystandards.org/document_library
PCI Compliance Guide: https://www.pcicomplianceguide.org/pci-faqs