PCI DSS COMPLIANCE 

CYBER SECURITY FOR PAYMENT PROTECTION INSURANCE 

Broker in UK offers cyber Insurance for payment solutions and assistance with complete guidelines on how to protect your business. PCI compliance for all businesses: Protect yourself with cyber Insurance. If your business accepts customers' credit and debit cards, it is compulsory to be in compliance with your business for security and fraud threats. As payment processing becomes more sophisticated, due to cyber-attacks has been increased recently. The payment card Industry Data Security Standard (PCI DSS) was created to protect sensitive consumer credit card data. If you accept credit cards (even single card transactions), you’ll need to make sure you’re compliant. In addition, you’ll need PCI compliance insurance through a cyber insurance strategy to make sure covered in the event of any PCI fines or penalties, as PCI-compliant companies that accept credit card payments are still hacked in major data breaches. Since PCI compliance is a legal requirement, your business could face significant fines or assessments if you’re not compliant in protecting customer data.

What is PCI Insurance?

PCI compliance insurance isn’t a stand-alone product, customers can protect themselves with a cyber insurance policy. This type of policy provides coverage for both first and third-party claims related to data breaches, further to multi-media coverage, cyber extortion, and more. At Broker in UK, I myself being a cyber expert can work constantly to monitor changes in regulations and keep you informed on a regular basis. Here, I’ve outlined the PCI compliance guidelines that all business owners and directors need to know. Understanding PCI Levels and What They Mean for all Business Environments. What does PCI compliance cover? There are four levels of PCI compliance to which companies need to adhere. Based on the credit card companies Visa and Mastercard, the levels are as follows:

Level One: More than six million Visa/Mastercard transactions per year

Level Two: Between one and six million transactions per year

Level Three: Between 20,000 and one million eCommerce transactions per year

Level Four: Fewer than 20,000 eCommerce transactions or up to one million storefront transactions per year

For small businesses, you will most likely fall in the level four category, meaning you’ll need to complete the Annual Self-Assessment Questionnaire (SAQ), in addition to a possible quarterly network scan. How to Complete the Annual Self-Assessment Questionnaire and Quarterly Network Scans. To complete the Annual SAQ, you will need a Payment Card Industry Data Security Standard report on compliance (PCI DSS ROC.) This is available on the PCI security standards website. Small businesses will also be required to complete a quarterly network scan. This scans for vulnerabilities with respect to receiving payments which must be completed by an approved scanning vendor (ASV). You can find a searchable list of ASVs on the PCI website. At Broker in UK, we highly likely recommend it as I can run through simplifying the entire compliance process for you with step-by-step instructions.

Recent PCI Changes for Small Businesses

Small businesses are a preferred target for cyber criminals and visa announced new data security requirements for small merchants that went into effect in 2017, which are now part of the PCI compliance guidelines. With these changes, level four merchants must use Qualified Integrators and Reseller (QIR) Professionals alike as Broker in the UK, who have been PCI-certified. QIRs are professionals who are authorized to install, configure, and repair payment systems. You as the customer's services under the Broker in the UK should be able to confirm I am fully capable of using a QIR. The PCI website offers the PCI Qualified Integrators and resellers list to help find QIRs, searchable by region, individual name, company name, or certificate number.

Using a Third Party and PCI Compliance

Such as your businesses that outsource customers' payment processing, remaining PCI DSS compliant is still required, even for businesses that have fully outsourced all payment processing and do not store or transmit any cardholder data. While using the third party does not exempt a company from PCI compliance, it can simplify the PCI compliance process. However, a third-party breach means are still legally obligated to notify your customers and they can still be held liable, which is why cyber insurance protection is so important. Broker in UK can outsource the services, but not the liability. To learn more about PCI compliance insurance and how to best protect your business please keep in touch with me at the below details are mentioned

NADEEM SHAKIR 

WWW.BROKERINUK.COM

MOB: 07970632771 

Email: nadeem@brokerinuk.com