What Small Businesses Need to Know about PCI Compliance

There is no question, small business owners have more to do than they could ever get done. Some things can wait and other things cannot. One thing that should probably move to the 'get done now' list is learning about and properly addressing PCI Compliance, an industry mandated security requirement for all merchants that accept credit cards. In a nut shell, the requirement is about what and how credit credit card information is stored. The reason why this merits attention over other high priority tasks is because the financial risk of a data breach can be enormous. Businesses can be fined up to $500,000 per incident if credit card information is stolen plus be responsible for additional remediation expenses. Merchants can protect themselves from certain fines and penalties by becoming and staying compliant. RSPA is a non-profit organization that put together a 12 minute video to explain what PCI Compliance means and the security risks many merchants are facing. The video showcases a merchant who experienced a security breach and details the challenges they faced due to the compromise of magnetic stripe data from their point-of-sale system.

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