PCI Compliance for Retail Businesses

 

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PCI Compliance for Retail Doesn't Have to be a Headache

Our seasoned professionals will help keep your customers' payment card information safe

Why is PCI Compliance so crucial for the Retail Industry?

Payment card information (PCI) is valuable for the retail industry, and it is common to save this type of information. A recent study from Forrester Research showed:

  • 81% of businesses store payment card numbers
  • 73% of companies store payment card expiration dates
  • 71% of companies store payment card verification codes
  • 57% of companies store payment card magnetic strip data

Corporations save PCI for a variety of reasons; recurring payments, one-click purchasing, etc. Studies show that to keep PCI data makes sales automation easier and conversions more likely.

If companies are always saving PCI data, it makes sense to store it securely. The retail industry is acutely aware that payment card data is valuable, not only to them but also to attackers and how damaging it can be to have that information stolen.

The average PCI Compliance fine can run anywhere between $5,000 and $500,000 per instance of non-compliance. For organizations of any size, that’s a hefty price to pay for non-compliance. But the risk to a company isn’t purely relegated fines.

Companies who’ve been attacked and had valuable PCI data stolen, typically see a drop in their customer base. That’s completely understandable. Personally, would you use a credit card to purchase at a retail store whose parent company had recently been compromised and had customer data stolen? The answer is no.

The PCI Compliance standard was established to help businesses protect the sensitive data they collect from their customers and give them a set of best-practices to follow.

How Security7 Networks can help the Retail Industry stay PCI Compliant:

Your organization needs to safeguard its PCI assets by developing a written corporate IT security policy that defines how IT assets are to be protected, expected employee behaviors, and the consequences of violations.

The experts at Security7 Networks can help you do that. There are seven critical steps we take to help ensure you are PCI Compliant at all times. They are:

  1. Audit
  2. Prepare
  3. Analyze
  4. Implement
  5. Identify
  6. Remediate
  7. Report/Respond

The first step in the process is to perform an audit. Security7 uses a trusted 3rd party auditing firm to analyze your IT assets and business processes. The 3rd party's primary job is to examine your environment and locate toxic data collection points.

As the audit is underway, Security7’s experts will use established compliance standards to prepare a response plan for you. After the audit results are in and the response plan created, we’ll analyze the results to discover any potential problems that may already exist and prioritize remediation based on risk.

Our experts will implement controls and solutions developed specifically to keep you compliant. After implementation, we’ll give the solution another pass to identify any risks or problems that may have arisen, and we’ll remediate them.

Finally, you’ll be able to generate reports and respond to compliance-related inquiries and demonstrate that you are up to date with current compliance standards.