What is PCI Compliance?
PCI Compliance (PCI) defines the standard for securing Visa and MasterCard cardholder data, wherever it is located. Compliance is required of all entities storing, processing, or transmitting cardholder data. Acquiring Banks must comply with PCI Compliance and are responsible for ensuring the compliance of their merchants for all payment channels, including retail (brick-and-mortar), mail/telephone-order, and ecommerce.
How Does PCI Compliance Work?
Merchants receive protection from fines in the event of a data compromise when their merchant service provider is found to be PCI compliant at the time of the security breach.
Why Should You Comply With PCI Compliance?
Merchants are subject to fines—up to $500,000 per incident—if they are not PCI compliant at the time of the breach. Visa will fine or disbar a merchant whose cardholder data is compromised and is later found not to be in compliance with CISP.
