Did you know there are approximately ten thousand payment card swipes taking place around the planet each second? If each swipe averages $50 bucks, that suggests there’s about $500,000 being electronically broadcast every second. In 2016, $23 bln was taken due to fraud on credit cards. These numbers could be substantially reduced by at least 30 percent if Business had PCI-DSS Cyber security awareness.
The major Credit Card corporations got together in 2006 and formed the Payment Card Industry Security Standards Council.
They developed the PCI Data Security Standard ( PCI-DSS ) to guard and increase controls around card owner information, so as to reduce fraud on credit cards. Compliance with PCI DSS is mandatory for any company that accepts, issues, or processes payment cards.
Unlike many other security standards, PCI compliance is NOT required by law. However, being PCI compliant can help save your company from fines of up to $100,000 a month. Also, if a company is not PCI compliant, they might have their rights to accept credit card payments revoked! Each employee can do their part of becoming more cyber security aware to help their business be PCI compliant!
Five compliance suggestions related to PCI-DSS Cyber Security Awareness training
1. Protect digital information with robust passwords.
2. Credit Card info shouldn’t be stored in clear-text.
3. Workers should only be able to access card-owner information on a need-to-know basis.
4. Store physical copies of card owner information in a safe location.
5. Look out for indicators of equipment tampering.