The acquiring financial institution or payment processor of non compliant companies can get hit hard in their wallet if a data breach occurs
Toronto, ON (PRWEB) September 30, 2009
Credit card fraud continues to grow as a pressing issue. Fraud levels for credit card transactions where a card is Not Present (i.e. ordering items online through an e-commerce site) and credit card Present continue to increase. As a defense to this rising threat, the major credit card companies assembled a consortium to create a set of security standards for any entity interacting with credit card data. One such regulation is PCI Compliance.
PCI Compliance or Payment Card Industry Data Security Standard (PCI-DSS) enables organizations processing credit card payments to secure cardholder information. PCI DSS applies to ANY organization that stores, processes or transmits cardholder information - essentially any company that accepts credit cards or touches the transactional process chain. PCI's influence is such that it is being considered as a standard through legislation, and failing to comply could be serious business.
In fact by September 30, 2010 Visa will insist acquiring institutions provide an Attestation of Compliance for each of their Level 1 merchants that demonstrate each has validated full PCI DSS compliance. After that date, Visa will impose appropriate risk controls, up to and including acquirer fines for failure to provide an attestation form to Visa confirming that each of its Level 1 merchants has validated full PCI DSS compliance. The September 30, 2010 deadline does not supersede any applicable earlier regional deadlines and related enforcement programs previously established.
Compliance with stringent Payment Card Industry Data Security Standards for anyone processing credit card payments can be a confusing and daunting task, especially if your organization is attempting to achieve this mandatory certification on your own. In this webinar, delivered by Justin Folkerts, Security Analyst at Fusepoint, you will understand the scope of PCI Compliance and how you and your organization can benefit from partnering with a managed hosting provider whose infrastructure is already PCI compliant. Attendees will also gain a better understanding of their responsibilities vs. those of their outsourced PCI Compliant vendor and the difference PCI Compliance can make to the corporate bottom line.
When: Available for immediate viewing.
"The acquiring financial institution or payment processor of non compliant companies can get hit hard in their wallet if a data breach occurs," said Justin Folkerts, Security Analyst, Fusepoint Managed Services. "A variety of penalties can be given including increasing the per transaction processing fee, fining the organization up to $550,000 for serious breaches and ultimately the suspension of credit card transaction processing outright for continued breaches. Achieving PCI Compliance or working with a PCI Compliant managed hosting partner ensures an organization adheres to the proper rules and regulations and focus on serving their customers and their business objectives."
About Justin Folkerts, Security Analyst, Fusepoint Managed Services:
With over 12 years of direct hands-on IT experience, Justin brings a diverse set of skills and a pragmatic outlook to all security solutions. Justin holds many of the most prestigious Information Technology security certifications including the CISSP, a MCSE with a specialization in Security, a Gold level GIAC Certified Incident Handler, a Certified Intrusion Analyst along with other related certifications, Justin has also published a paper detailing the Incident Handlers response to SQL Injection attacks. At Fusepoint, he helps oversee the day to day security operations and infrastructure, provides expert level consulting to current and prospective customers on implementations and is a lead Incident Handler for any reported breach.
About Fusepoint Managed Services:
Founded in 1999, Fusepoint is a privately held company with offices in Vancouver, Toronto, Montreal and Quebec City. Through our proven record of success we have built a loyal base of over 400 customers and strong, strategic relationships with Canada's leading technology and communication companies. Fusepoint's managed IT solutions are SLA-guaranteed, scalable and designed to reduce cost structures while mitigating risk. Fusepoint is also SAS 70 Type II, CICA 5970, and Tier 1 PCI compliant, which means our processes are rigorously and continuously audited by accredited third parties and consistently operate at the highest levels within the industry. For more information, visit http://www.fusepoint.com and http://www.youtube.com/watch?v=VEUYq-6Ha2k.
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