It’s easy to get overwhelmed with all the security requirements for PCI compliance. This is especially true when it seems like the rules are constantly changing and there’s a lot of conflicting information out there. To make things worse, there are plenty of myths about PCI compliance floating around that can further complicate things.
In this article, we’ll debunk some of the most common PCI compliance myths so you can better understand what’s required to keep your business safe.
What is PCI compliance anyway?
Before we jump into the myths, let’s first briefly review what PCI compliance is.
PCI compliance is a set of security standards that businesses must follow if they accept credit card payments. The Payment Card Industry Data Security Standard (PCI DSS) was created by major credit card companies to help protect customer data and prevent fraud.
All businesses that process, store, or transmit credit card information are required to be PCI compliant. This includes online businesses, brick-and-mortar stores, and even mobile businesses that use credit card swipers.
PCI compliance is not a one-time event—it’s an ongoing process. Businesses must continuously review and update their security procedures to make sure they’re keeping up with the latest PCI DSS requirements.
Myth no. 1: PCI is only for e-commerce and online businesses
One of the most common PCI compliance myths is that it only applies to online businesses. This couldn’t be further from the truth! PCI compliance is relevant for any business that accepts credit card payments, regardless of how those payments are made.
This means that even if you’re a brick-and-mortar store that only accepts credit card payments in person, you’re still required to be PCI compliant.
Myth no. 2: PCI compliance is very expensive
Another common myth is that PCI compliance is very expensive. While it’s true that there are some costs associated with becoming compliant, they’re usually not as high as people think. And keep in mind that the alternative—not being PCI compliant—can be even more costly.
Fines for non-compliance can range from $5,000 to $500,000 per month, depending on the severity of the security breach. And that’s not even taking into account the cost of repairing damage to your reputation or losing customers due to a loss of trust.
So while there may be some upfront costs associated with PCI compliance, they pale in comparison to the potential cost of non-compliance.
Myth no. 3: PCI compliance is only for large businesses
Another common myth is that only large businesses need to worry about PCI compliance. This is not the case! The size of your business does not matter—if you accept credit card payments, you must be compliant with PCI DSS.
Of course, larger businesses may have more complex PCI compliance requirements, but that doesn’t mean smaller businesses can ignore the standards altogether.
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Myth no. 4: PCI compliance is the only thing you need to do to protect your business
PCI compliance is an important part of keeping your business safe, but it’s not the only thing you need to do. There are many other security measures you should take to protect your business, such as implementing a strong password policy and encrypting sensitive data.
And even if you’re PCI compliant, that doesn’t mean your business is immune to security threats. PCI compliance only covers credit card data—it doesn’t protect other sensitive information such as Social Security numbers or customer addresses.
Myth no. 5: PCI compliance is a one-time thing
And last but not least, one of the most common PCI compliance myths is that it’s a one-time thing. Once you’ve achieved compliance, you’re done, right?
Wrong! PCI compliance is an ongoing process, not a one-time event. The PCI DSS requirements are constantly evolving, so businesses need to continuously review and update their security procedures to make sure they’re keeping up with the latest standards.
Final thoughts
So there you have it! These are five of the most common PCI compliance myths, debunked! If you have any questions about PCI compliance or how it affects your business, we encourage you to contact qualified security professionals. And for more information on keeping your business safe, be sure to check out our blog.
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Book a free call with us to discuss how we can help you expand in new regions, scale, and get the cash flowing in your business.
