PCI DSS Compliance
Why is PCI DSS compliance important?
If you are a business that manages online payments and credit card information, you understand the importance of complying with the Payment Card Industry Data Security Standard (PCI DSS). The PCI is a global security standard that regulates how companies process, store, and transmit cardholder information and/or sensitive authentication data. Five major international brands established it in order to improve account and transaction security.
Here is a quick summary of the PCI DSS requirements for protecting payment card information:
1. Build and Maintain a Secure Network and Systems
- Install and maintain a firewall to protect cardholder information
- Do not use vendor-supplied system passwords and other security parameters
2. Protect Cardholder Data
- Encrypt transmission of cardholder data across open, public networks
- Protect stored cardholder data
3. Maintain a Vulnerability Management Program
- Regularly update anti-virus software or programs to protect against malware
- Develop and maintain secure systems and applications
4. Implement strong access control measures
- Restrict access to cardholder data on a need-to-know basis
- Identify and authenticate access to system components
- Restrict physical access to cardholder data
5. Regularly monitor and test networks
- Regularly test security systems and process
- Track and monitor all access to network resources and cardholder data
6. Maintain an information security policy
- Maintain a policy that addresses information security for all employees
What are the penalties for PCI DSS violations?
The PCI has established strict guidelines regarding the processing, transmission, and storing of payment card information.
Failure to comply with PCI DSS can result in fines of up to $500,000 USD per incident, or $5,000 to $100,000 (depending on the business size) until merchants achieve compliance.
In addition, businesses can experience increased transaction fees with their payment service providers for non-compliance.
How does TitanFile meet PCI DSS compliance?
TitanFile meets PCI DSS compliance standards in order to protect the confidentiality and security of client cardholder information.
When you use TitanFile, you will have confidence knowing that credit card information and other sensitive authentication data are secure. The platform’s state-of-the-art security features ensure that your cardholder information is protected at all times across all networks.
TitanFile protects PCI by maintaining secure networks and systems, implementing strong access controls, regularly monitoring and testing networks, and maintaining an information security policy and vulnerability management program. To meet the compliance requirements for PCI DSS, TitanFile checks all of the boxes.
Ready to use a PCI DSS-compliant solution at your workplace?
Other TitanFile Benefits
- State-of-the-art security
- Large file sharing and unlimited storage
- Blazing-fast upload speeds
- Easy-to-use platform
- Easy client and staff collaboration
- 100% PIPEDA compliance
- Outlook integration
- Amazing customer support