Trending and making news headlines can be great for business, but not if the reason you’re making news is because of a PCI breach. Any organization that processes credit or debit card information is vulnerable, but any organization can also take steps to minimize their risks and the costly mitigation efforts that follow a breach.
The Payment Card Industry Data Security Standard (PCI DSS) was enacted as a regulatory standard to prevent those cringy and often crippling data breaches. But what exactly does it require of organizations who process credit or debit cards?
Requirements for PCI Compliant File Transfer
There are 12 main requirements and over 200 sub-requirements for PCI DSS compliance. Some of the key concerns of the standard include:
- Encrypting data in transit and at rest
- Controlling access to cardholder data
- Maintaining secure systems and networks
Interpreting how these requirements apply to your organization’s specific IT environment is just one of the challenges meeting these standards pose. Managed file transfer (MFT) is a solid, user-friendly solution to helping meet these standards.
Related Reading: Why Businesses Need MFT
Aren’t Most Companies Already PCI Compliant?
Unfortunately for companies and their customers, they are not overwhelmingly compliant. According to Verizon’s latest report on PCI compliance, only 27.9 percent of organizations achieved full compliance with PCI DSS during their interim validation in 2019. And just 33 percent of cybersecurity attacks were prevented by the security tools organizations already had in place.
The cost for these data breaches can be astronomical. Not complying with PCI is not cheap either. Non-compliance is far from cheap. Businesses can expect financial penalties from anywhere between $5,000 and $10,000 a month or more for violations of PCI compliance rules, along with added penalties and increased transaction fees.
Related Reading: PCI Statistics That May Shock You
How MFT Prevent PCI Breaches
Give your bottom line a break by putting solutions that mitigate data breaches and non-compliance of PCI standards in place. You can make complying with PCI DSS easier and more secure with the right software solution, specifically managed file transfer, like GoAnywhere. A robust MFT solution gives organizations the assurance they need that their sensitive data transfers are PCI DSS compliant.
How? GoAnywhere employs strong encryption and secure file transfer protocols. In addition, the software can control access to the sensitive cardholder information both at rest and while it’s in motion, as well as provide detailed audits and reports to meet the requirements of a compliance audit.
Learn the Terms: GoAnywhere Glossary
Are You Protected Against a PCI Breach?
Uncover how a Managed File Transfer solution can help you reduce the risks of a data breach of your credit and debit transactions. This white paper also details how an MFT solution, like GoAnywhere can address specific PCI DSS requirements and reviews the key features you should look for when assessing your options for file transfers.
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