Las Vegas Online Retailer Hires NSA to Help With PCI Compliance
A Las Vegas online retailer reached out to NSA to find help with maintaining PCI compliance. The vendor leverages big commerce to sell bath products, processes online payments, as well as uses a Bank of America merchant account. Like any other vendor, making e-commerce stores PCI compliant has become a top priority for the retailer. Why is this the case?
Today’s business world has become flooded with numerous regulatory standards to curb the growing crime rate. Organizations have to work extensively to ensure that they meet the set standards and remain compliant. Top credit-card providers formed a consortium that laid out Data Security Standards (DSS) that transactional websites need to follow.
The Payment Card Industry (PCI) DSS, an essential compliance standard, applies to organizations of all sizes in any industry. Any business that handles credit card data needs to maintain compliance with PCI DSS. These security standards minimize the risk of credit card fraud as well as expensive data breaches. Reliable service providers like NSA can ensure that online retailers meet the PCI compliance requirements.
What is PCI Compliance?
The PCI DSS is a set of requirements to help organizations handle credit card data to create a secure information environment. These standards came into effect in 2006 in a bid to enhance account security over online transaction processes. The PCI Security Standards Council (PCI SSC) oversees the management as well as the administration of the PCI DSS.
These guidelines govern the handling of different credit card transactions, including:
- Cardholder names
- Card expiration dates
- Card verification values
- Account numbers
Failure to safeguard this sensitive payment data increases the risk of credit card fraud in online stores. Retailers may also end up paying hefty penalties and fees for non-compliance. In other instances, cases of non-compliance can end up in court leading to potential litigation and unwanted legal fees. Ultimately, businesses experience diminished consumer confidence that can affect their bottom line.
Why Do Retailers Need PCI Compliance?
Online retailers top the list of businesses that handle credit card transactions. These businesses often lack the IT resources as well as the skills needed to secure credit card data from cybercriminals. This trait makes the companies vulnerable to reputation-damaging fraud.
Retailers also process multiple card-not-present (CNP) transactions in their online stores. They may have a hard-time verifying anonymous shoppers’ identities, exposing their businesses to fraud. CNP fraud often translates to massive losses and a tainted reputation. Businesses with a bad reputation may have a hard time attracting as well as retaining new clients.
Maintaining PCI compliance ensures that your business can secure sensitive cardholder information, minimizing the risk of cyber fraud. PCI compliance can help you gain trust with your clientele and boost your client-base.
What Does the PCI Compliance Standard Entail?
Online retailers need to meet multiple security goals to receive PCI accreditation. Retailers tend to put off the PCI compliance process, given that it appears overwhelming at first glance. Working with an experienced service provider makes the task less daunting. Here are some of the standards that such companies need to implement.
Setup secure networks
Top on the list of a secure network is a robust firewall. Organizations may need to refrain from using vendor-supplied defaults as usernames or passwords. Secure networks also involve strong access control measures that keep out unauthorized individuals. Retailers need to restrict employee’s access to client data. Each person with computer access may also need a unique ID to enhance transparency and enable precise data access tracing.
Regular Network Monitoring
Organizations need to proactively track as well as monitor network resources to minimize unauthorized data access. Implementing regular security system testing also ensures that your security measures remain up to speed with evolving cybersecurity challenges.
Secure Cardholder Data
PCI standards require organizations and vendors to protect stored cardholder data. In the case of transmitting such data, organizations may need to encrypt their data sharing processes.
Guarantee Vulnerability Management
Online retailers need to use regularly updated anti-malware and anti-virus software to secure critical client information. The standards require them to create as well as maintain secure systems and applications. Vulnerability management may also involve regular patches or updates that fix potential loopholes. Retailers may also need to eliminate unnecessary cardholder data from their systems.
Enforcing an Information Security Policy
Maintaining PCI compliance involves creating a clear organizational policy to address information security. Regular staff training creates awareness as well as ensures adherence to the regulations set in such procedures.
What are the Risks of Non-Compliance?
In the worst-case scenario, the Security Standards Council will suspend or revoke your ability to accept payments from credit cards. Failing to adhere to this eCommerce standard often results in data breaches that will, in turn, lead to loss of customer trust. These data breaches can taint a retailer’s reputation, causing loss of business.
Non-compliance can also attract fines and expensive law-suits. Depending on the extent of any damage, your business may be liable to card companies for card replacements. Non-compliance penalties will depend on a business’ clients and transactions. The Federal Trade Commission may also subject non-compliant businesses to audits that never go down well.
How Does NSA Help with PCI Compliance?
National Security Associates (NSA) has the technical expertise needed to fulfill the PCI compliance requirements. The expert professionals can deploy as well as maintain secure firewalls that minimize unauthorized access to sensitive client data. NSA also helps with enforcing strong password protection. Retailers will find support in maintaining a safe device/password inventory.
The NSA team is also well-versed in encrypting transmitted data and can ensure that retailers share sensitive information securely. NSA will put in place systems as well as processes that maintain access logs, easing system monitoring. Retailers can also request vulnerability scans that’ll reveal potential weaknesses as well as areas that need improvement.
Protect Your Clients and Business with PCI Compliance
The PCI standards exist to guarantee privacy as well as data protection. Adhering to these standards helps online retailers to minimize credit card fraud and data breaches. PCI compliance is essential for fortifying your business as well as building trust with your clientele.
Make NSA your go-to-place for reliable PCI compliance services. Does your Las Vegas organization need someone to bolster your PCI compliance initiatives? Call our compliance experts today!