Stay up-to-date with PCI DSS compliance. Explore in-depth guides, implementation steps, and best practices to safeguard payment data and meet regulatory standards.
“PCI compliance” might sound boring and technical, but it’s a major focal point for any business that handles online credit or debit card payments. In 2019, that’s most businesses!
The internet has completely changed the way we shop and transact — where we used to go to brick and mortar stores in order to spend cash or swipe a card in exchange for the goods we want, this entire experience can now happen from the comfort of your home.
In times of widespread concern about cyberattacks and phishing attempts, it turns out that there’s a clear roadmap to protect your business from malicious hackers — your business only needs to pursue PCI compliance. But what is this term, and what is it all about?
Payment card industry (PCI) compliance refers to the standards that companies have to stick to in order to process payment information online. These best practices are collectively known as the Payment Card Industry Data Security Standard (PCI DSS), and they were created by the PCI Security Standards Council (PCI SSC). This set of best practices works to increase controls and protection around cardholder data while simultaneously reducing credit card fraud.
Just as you might see homes advertising the security systems they’ve installed (“protected by Brinks,” for example), PCI compliance is a similar demonstration that a company has taken steps to protect its systems and infrastructure. When you make your business PCI compliant, it represents major progress toward protecting your customers from data breaches and protecting your business against cyberattacks. It’s completely in your interest if your company processes payments online.
The legalization of recreational and medical marijuana in many states and countries around the world has made the global marijuana market one of the fastest-growing industries. According to a recent report by the Grand View Research, Inc., the global legal marijuana market will grow to $66.3 billion by 2025.
Cannabis is being widely used as a pharmaceutical product. It is said to be effective in treating severe medical conditions like arthritis, cancer, and Parkinson’s disease. This has contributed to the increased demand for medicinal marijuana.
Moreover, recreational marijuana or the use of cannabis without medical justification is being legalized in many states and countries. In the United States, 11 states and the District of Columbia have legalized the recreational use of cannabis among adults. Countries like Canada, Belize, Jamaica, Argentina, and the Netherlands have also decriminalized the use of marijuana.
All these developments point to the expansion of the cannabis industry in the years to come. Marijuana dispensaries can maximize their growth potential by complying with the Payment Card Industry Data Security Standard (PCI DSS), an information security standard for payment processing. Cashless ATM or point of sale (POS) banking is considered a viable and important platform for marijuana dispensaries to grow their sales. With POS banking, online cannabis dispensaries can accept purchases from customers who use their credit and debit cards.
The cannabis industry has been booming recently due in part to legalization legislation that has helped to alleviate barriers to market entry. Recent trends tell us that the cannabis marketplace is projected to grow at a staggering rate from $10.3 billion in 2018 to $39.4 billion by 2023. With more and more states opening up their borders for marijuana, many businesses are looking to technology to manage this increase in customers.
As of November 2018, 10 states have legalized recreational cannabis while 33 have approved it for medical uses. As more states are opening their borders to legal cannabis, business owners are beginning to become more digital in their endeavors thanks to this newfound legalization. But digitization isn’t all good if you don’t have a cybersecurity plan to protect your data.
Brands that are able to infuse innovative technology into their network infrastructure can use it to analyze and predict valuable consumer trends that will enable them to make critical decisions in the future. Having a cybersecurity plan in place to supplement this type of innovative undertaking is what will help your cannabis business thrive. Let’s look into the specific areas of interest that you should be focusing on when cultivating your cybersecurity plan and which proactive measures you need to take to avoid being a victim of a cyber-attack.
There have been 2,216 confirmed data breaches in 2018. 76% of breaches were financially motivated. Cybercriminals are increasingly becoming more sophisticated. Data breach preparedness among the companies are at an alltime high. 324 data breaches involved stealing credit card data at the Point of Sale (POS) where card-present retail transactions are conducted. 414 credit card data breaches involved targeting payment web applications.
There’s one common security vulnerability leading to these payment cardholder data breaches at the POS and within web applications: Lack of payment cardholder data encryption.
PCI Point to Point Data Encryption (P2PE) to the rescue!
Cloud computing is an important resource for organizations of any size and has seen increasing use in recent years for payment processing. Despite the prevalence of moving cyberinfrastructure to a cloud environment, many organizations fail to properly assess how if and how they will be able to maintain compliance with the Payment Card Industry Data Security Standard (PCI DSS) when their cardholder data environment (CDE) exists entirely in the cloud. Understanding how to maintain PCI DSS compliance when utilizing cloud services is essential for the numerous modern organizations that rely on the scale and convenience that cloud services provide.
In this article, we’ll break down some important considerations for organizations that are looking to maintain pci compliance storing credit card data in the cloud. In order to provide some context, we’ll outline what is cloud computing, what some of the advantages of cloud computing are, and explore some of the challenges of meeting the requirements of pci dss regulations when your CDE has either partially or fully cloud-based services.
When it comes to ensuring that only authorized personnel are allowed into systems remotely, one of the best ways is to use a token. When it comes to keeping Credit Card Holder Data protected, one of the best solutions is tokenization. Many options exist for token use as well as for tokenization. We will discuss the basics of tokens, tokenization, and token service providers (TSPs) below.
The Payment Card Industry Security Standards Council (PCI SSC) releases regular updates to existing programs and creates new programs on an ongoing basis as security needs change. Staying abreast of the changes to PCI programs is essential to maintaining PCI compliance over time. Understanding what new programs are being created and how those programs might affect your operations is also important, as the creation of new PCI programs can impact security implementations in a variety of ways.
Protecting payment card data is essential in all environments, including when card data is taken over the telephone. Areas of organizations that interact with sensitive data in a telephone-based environment are particularly susceptible to fraud or theft of cardholder data. As such, protecting telephone-based payment card data is essential for all businesses that conduct transactions over the phone.
