If your retail business is accepting or processing payment cards, then you have to be aware of the security...
If your retail business is accepting or processing payment cards, then you have to be aware of the security standards you must meet. Likewise, it’s crucial that you understand and apply them to your business, so you can securely process card payments. One of the standards retailers must consider is PCI DSS compliance in Australia. The Payment Card Industry Data Security Standards are the requirements that will simplify the way you ensure the security of every customer’s card information. Here are some important facts to help you understand them better:
What you need to know
By meeting PCI DSS compliance in Australia, you can protect your customers’ information and your data from theft and breaches. The standards include how you take payments online and take payments using an electronic payment terminal, how you handle card numbers being read over the phone, and how you handle card numbers received over email or in a letter.
Members of the PCI Security Standards Council
The Council is known as a global forum of industries coming together to enhance, develop, assist with, and share their understanding of security standards to ensure the security of payment accounts. The members are MasterCard, American Express, JCB International, Discover Financial Services, and Visa Inc.
Standards apply to businesses of all sizes
All Australian retailers accepting card payments must ensure PCI DSS compliance in Australia regardless of the size of their business. Partial compliance is not advisable. That said, your compliance level is dependent on the situation of your business. So, you need to have your business compliance assessed using the tools available at the PCI Security Standards Council’s website.
Importance of compliance
To ensure compliance, you need to have a secure network, protect the cardholder data you are storing, implement reliable access control measures, have a vulnerability management program, regularly test and monitor networks, and maintain a policy for information security. A robust, up-to-date security plan will help your business thrive and succeed in the long run. Consider PCI DSS compliance in Australia for your peace of mind because it will ensure customers that their card information is secure, and they can trust you more, which is great for your reputation. Likewise, it shows your commitment to enhancing their shopping experience.