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Why PCI Compliance Is Important

There’s a lot of talk about keeping PCI Compliance as a merchant however, aside from avoiding penalty fees, you could be thinking about what the reason PCI Compliance is so important and is so important. The reality is that any breach of the database of cardholders and the loss of personal data damages the trust of the whole internet-based buying community, which affects sales all over the world.

The benefits to security that come from successful credit card compliance are crucial for the continued development of the merchant community who depend on credit card transactions. Let’s look at the reason why PCI compliance is important to better comprehend the reasons why it’s so important.

What exactly do thieves really want?

Simply put, data thieves want the personal information of cardholders and as much as they can get their hands on. With this information they could commit fraud when purchasing goods, or in certain instances, sell stolen data to make money. If a criminal is able to get the Primary Account Number (PAN) as well as the required security information, they could fraudulently gain the identity of the cardholder and then pretend to be the cardholder in order to make use of the card’s information.

They are one of the primary kinds of information that credit card that criminals are looking for:

First and Last Names of the Cardholder
Expiration Date
CID (which is not to be kept)
Magnetic stripe information

How did it get stolen where is it stolen?

The places the data thieves are able to find the data of cardholders are increasing and some of them may be surprising you. Apart from the obvious locations such as a card reader that’s been breached, thieves have successfully stolen sensitive information from:

Papers are stored in the filing cabinet
The data in a system for payment database
Hidden camera that records authentication information
Secretly connect to your store’s wired or wireless network
Listening in on a call ordering clerk in the restaurant or in a store

What are the requirements to safeguard?

It’s important to mention that the best solution is to never store any credit card data in any way and to use an established and secure provider such as Very Good Security. If you do decide to store your data it is necessary to secure the data in some surprisingly obscure places, including:

Wireless access routers and networks
Data on payment cards is kept in paper-based files (companies who accept phone orders are in particular danger to this type of vulnerability)
Software for shopping on the internet.
Level 3 payments