PCI Security: Your Gateway for Safe E-commerce

credit cards and PCI compliant for eCommerce

Today’s business world is run on data. With it, entrepreneurs can make strategic decisions that help push their companies forward. With so much data at your disposal, you must take your security seriously. According to Retarus, $2.9 million is lost to cybercrime. Due to an increasingly robust e-commerce environment merchants’ vulnerabilities are at high risk of malicious attack. With the right safety precautions and security partner, you will not become a part of this unfortunate statistic.  

First Direct Financial is leading the charge in providing innovative merchant services ranging from PCI security and credit card processing to payment equipment support. We’re on the cutting edge of reliable, secure payment processing solutions. Read our article below and learn how PCI Security is your gateway to safe E-commerce.

What is PCI Security?

The Payment Card Industry Data Security Standard (PCI DSS) is a system of standards put in place that maintain high-security standards for e-commerce. It was developed in 2004 and has evolved over the years to ensure online merchants understand how to effectively prevent data breaches through a series of systems and processes.

The PCI Security Standards Council (PCI SSC) defines a series of specific data security standards that are relevant to all merchants, regardless of revenue and credit card transactions volume. While they define and manage these standards, it is up to the credit card company to enforce compliance amongst all organizations that deal with cardholder data.

E-Commerce Merchants Must Comply With 12 Requirements

While 12 requirements may not sound like a whole lot, it’s fairly complex. 

Big Commerce states, “It actually means you need to comply with a total of 251 sub-requirements across the 12 requirements outlined in PCI DSS 3.2 to fully address the growing threats to customer payment information.”

The 12 requirements include:

  1. Install and maintain a firewall configuration to protect cardholder data
  2. Do not use vendor-supplied defaults for system passwords and other security parameters
  3. Protect stored cardholder data
  4. Encrypt transmission of cardholder data across open, public networks
  5. Use and regularly update anti-virus software or programs
  6. Develop and maintain secure systems and applications
  7. Restrict access to cardholder data by business need-to-know
  8. Assign a unique ID to each person with computer access
  9. Restrict physical access to cardholder data
  10. Track and monitor all access to network resources and cardholder data
  11. Regularly test security systems and processes
  12.  Maintain a policy that addresses information security for employees and contractors


Do You Need To Ensure Your Organization is PCI Security Compliant?

Simply put, yes. If you own your physical location or self-hosted cloud commerce solution, you are required to comply with PCI’s requirements. Ecommerce PCI compliance is important whether you run a brick-and-mortar shop or if you’re selling goods across multiple stores and online. Essentially compliance is important wherever your credit card merchant account is connected. 

What If Your Business is Not E-Commerce PCI Compliant?

PCI Security compliance is not a law. It was created by major credit card companies to help merchants secure sensitive information. Typically, credit card companies do not handle payment processing, instead rely on third-party processors like First Direct Financial. 

However, if a merchant does not comply with PCI DSS and is involved in a credit card breach they could be subject to fines, card replacement costs, and incur costly forensic audits. Not to mention hurt the business’s reputation amongst consumers. The credit card company is the one that initiates the fine and sends it to the merchant’s bank. The bank then passes it to the merchant to pay and may be subject to additional penalties from their bank. 

First Direct Financial Is Your Partner in E-Commerce PCI Security

With e-commerce becoming a highly lucrative business, data breaches are not uncommon. When you partner with First Direct Financial, you’re not just getting top-notch credit card processing services. You’re getting a partner in PCI Security to ensure your sensitive data is out of the hands of malicious hackers. Contact us today and learn how we can enrich your business’s security.