The Payment Card Industry Data Security Standard (or PCI DSS) is a set of requirements intended to ensure that all companies that process, store or transmit credit card information maintain a secure environment. If your business accepts, stores or transmits cardholder data, then PCI DSS pertains to your organization. You’ll be required to provide evidence of those controls and their effectiveness, and collecting that information manually would depend on countless hours and resources.
Not all merchants or their vendors are created equal, however, which is why there are 4 compliance levels (the higher the level your organization is, the more stringent the PCI DSS requirements will be) and are determined by which credit cards you accept and how many transactions you process in a year. For example, PCI DSS requires that all Level 1 businesses (those with more than 6 million transactions per year) undergo an annual audit.
By utilizing LogicManager, you can streamline the process of preparing for a PCI audit (e.g. assessing your risks and vulnerabilities, demonstrating your controls, etc.) and eliminate human error along the way. Complying with PCI DSS also makes it easier to comply with other security frameworks, such as NIST CSF or IT SOX. This means achieving PCI compliance = saving time and resources down the road.
So what can happen to your organization if you fall short in complying with PCI DSS? Noncompliance can lead to consequences such as monthly penalties, data breaches, legal action, damaged reputation and even revenue loss. PCI noncompliance can result in penalties ranging from $5,000 to $100,000 per month by the major Credit Card Companies (Visa, MasterCard, Discover, AMEX). The potential resulting financial, legal and reputational damages if you’re found to be noncompliant could mean the end of your organization entirely.