Everything You Need To Know About PCI Compliance For Your Business

For the longest time, businesses on the internet were susceptible to credit card fraud. Credit card handlers and companies alike were unsure of how to protect data stored on the internet. That’s where PCI compliance comes in. Founded in 2006, the PCI Security Standards Council sets restrictions for how business online is done. PCI compliance keeps companies, cardholders, and banks safe. Here, we’ll discuss all things PCI Compliance for you and your business. From the required standards to questionnaires, you should have a solid grasp of all that makes up this safety standard by the time you finish reading. Understanding PCI compliance does not need to be an impossible task.

It was determined a long time ago that credit cards on the internet needed some form of protection. Without protection, these methods of payment are susceptible to fraud and theft. PCI compliance exists to ensure that a platform is safe for customers to plug in their private information. It assures your clients and customers that their data is safe with your business.

To be considered PCI compliant, your business site must pass a set of standards. These standards include:

• Shopping cart page regulations where credit cards are used
• Checks on any card readers that are attached to your computer
• Username/password systems that protect a client’s information

Common Acronyms Used in PCI Compliance

When you look into the process of becoming PCI compliant, you’ll see that there are a bunch of different steps that you need to complete. Three items are labeled with acronyms that might be confusing at first glance. You will need to know all of them so that you know what to expect when you see them.

The three items you will need to know the differences between include:

1. PCI DSS Self-Assessment Questionnaire (SAQ)
2. Attestation of Compliance (AoC)
3. Report on Compliance (RoC)

We’ll go over each of these so that you know what they are and when they come into play. Each has a part in ensuring that your method of accepting payment is secure for your clients. They are all critical to your business.

1. PCI DSS Self-Assessment Questionnaire (SAQ)

This item is a form that will help you determine which compliance regulations apply to your organization. There are nine different versions of the document, and they all depend on how your business processes, handles, and stores the information that cardholders provide.

The nine types include:

• SAQ A
• SAQ A-EP
• SAQ B
• SAQ B-IP
• SAQ C-VT
• SAQ C
• SAQ P2PE-HW
• SAQ D for Merchants
• SAQ D for Service Providers

You will need to determine which is best for you to use based on how you handle business. Having this form is a crucial part of becoming PCI compliant. It will keep you from taking unnecessary measures for your business as you go about this process.

2. Attestation of Compliance (AoC)

The Attestation of Compliance is an action completed by a QSA, otherwise known as a Qualified Security Assessor. They will create documented evidence that informs the council that your business upholds solid security practices. They will ensure that you have completed your SAQ and meet all the required standards.

There are a few different versions of the AoC, just as with the SAQ. You’ll need to pick the one that corresponds with the SAQ you filled out based on your business. That way, you can get a proper attestation completed.

3. Report on Compliance (RoC)

How Do You Become PCI Compliant?

There are six steps that you must take on to become PCI compliant. By following each of them carefully, you can ensure that your site is safe and protected. This process varies depending on the size of your business and how many transactions occur on your site. Different standards apply to varying organizations.

The six key steps include:

1. Determining your PCI level
2. Acknowledging potential consequences for failing to be PCI Compliant
3. Completing a Self-Compliance Questionnaire
4. Creating a secure network
5. Filling out an Attestation of Compliance
6. File paperwork

We will go over each of these carefully so that you can understand the process. It probably seems complicated, but it’s not. With careful reading, you will be able to make your site PCI compliant in no time at all.

1. Determining Your PCI Level

The first step when making your business PCI compliant is to determine what PCI level you are. There are four of them, all based on a few different factors.

The PCI Levels include:

• LevelOne: This applies to you if your business processes over six million transactions annually, no matter what channel is being used.
• LevelTwo: This applies to you if your business processes between one million and six million transactions annually, Level Three: This applies to you if your business processes 20,000 to one million eCommerce transactions annually.
• LevelFour: This applies to you if your business processes less than 20,000 eCommerce transactions annually, or less than one million no matter what channel is used.

Based on the transactions that your business makes, you can decide what your PCI level is. This label will assist you in determining what standards you will need to use to make your business PCI compliant.

2. Note Consequences

Any store or business that stores credit card information is required to be PCI compliant. Failing to do so can result in fees, fines, and even larger consequences down the road. You’re putting your business and customers at risk by avoiding the process.

Some of the events that could occur as a result of failing to become PCI compliant include:

• Loss of business reputation
• Credit card breaches
• Lawsuits
• Fees and fines

You should note the potential consequences for your particular PCI level. You should be prepared to face them if you fail to make your business PCI compliant.

3. Complete a PCI RSS Self-Assessment Questionnaire

4.  Create a Secure Network

Once you know what areas your security is lacking, you can address them. You should adhere to the twelve guidelines that fit your business. If the changes are simple, you can do them yourself. If you’re not sure how to address them, you can seek outside help to make the alterations.

Some fixes made at this point could include:

• Adding a firewall to protect data
• Restricting access to cardholder data
• Authenticating access to the system
• Creating a policy for personnel to follow for security

Once you have addressed each of your security problems, you will be ready to move on to the final steps of becoming PCI compliant. Make sure you have covered all of your bases before proceeding.

5. Fill Out an Attestation of Compliance

Once you feel that you’re ready, you can fill out an Attestation of Compliance. This decision means that you are positive that your business fits with all of the required guidelines. A Qualified Security Assessor will come and scope out the situation, filing a report in the process.

When they are done, they will have completed a Report on Compliance. This report will inform the council whether or not you have adhered to the guidelines. If you succeed with filing your attestation, you are ready to move on to the final step.

6. File Paperwork

The final step in becoming PCI compliant is to fill out paperwork. You will need to do this with banks, credit card companies, and every other company you may be working with. Some papers that you might need to submit:

• The SAQ
• The AoC
• An external vulnerability scan

Once the paperwork goes through, you should be good to go. Your business can proudly declare that it is safe for cardholders to access their information. If you need help during the process, there are companies out there that can assist you. Ask for help if you are stuck. It’s better to get help than to fall short of becoming PCI compliant.

How to Become Compliant on Various Platforms

Many platforms can be used to collect credit card information. On most of them, you will need to become PCI compliant for the safety of your business and clients.

We will discuss two popular platforms that you may need to become PCI compliant on. If you run any form of credit card transactions through these, you will need to go through the PCI compliance process.