BizSugar.com › Finance › 12 New Requirements to Secure Credit Card Transactions

As of June 2008, if your business processes credit card payments, you are required to comply with new security standards to prevent fraud, hacking, and various other security vulnerabilities and threats, or risk losing this ability and being audited or fined.

Any company or government agency that processes, stores, or transmits payment card data must comply with the Payment Card Industry Data Security Standard, a set of requirements to enhance data security. Some of the PCI standards are common sense, such as building and maintaining a secure network through common practices and not using vendor-supplied defaults for system passwords.