The heart of any retail business is it’s POS [point-of-sale] machines and terminals. The inability to process Credit and Debit card transactions would be a fatal blow to most retailers. Yet this could be the very fate many Canadian retailers could be facing this year.

While the ability to process credit and debit transactions offers retailers and consumers great deal of flexibility and convenience; the infrastructure and financial backing required to support this is a massive undertaking. The Payment Association of Canada recently reported that Canadian retailers are on average processing approximately $1.4BN in combined credit and debit card transaction per day. Given these staggering amounts, the concern regarding securing the network and the infrastructure that supports these transactions are quite evident.

The Payment Card Industry Security Standards Council (PCI SSC) was launched on September 7, 2006 to manage the ongoing evolution of the Payment Card Industry (PCI) security standards with focus on improving payment account security throughout the transaction process. The Payment Card Industry Data Security Standard (PCI DSS) provides a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment.

The deadline for being PCI DSS compliant passed on Jan 1st 2015 with the introduction of the PCI DSS standard 3.0. Most security experts say the new standard should help, but only if everybody is in compliance all the time. The latter point is highlighted by one of the largest breaches in history, suffered my target, – 40 million credit card numbers and 70 million personal information records. The security breach, arising from a compromised vendor accessing the Target network infrastructure.

 

In light of this, it’s not surprising that as of July 1st failure to comply with PCI DSS requirements will mean that not only will the merchant lose the ability process Mastercard or Visa transaction, but the retailer could be directly held responsible for any financial losses suffered by Mastercard Canada or Visa Canada.

 

In order to be PCI compliant, retailers IT infrastructure must pass a validation scan to prove their network and IT system’s security and integrity.  There are many Canadian retailers who will not pass such a scan as they’ve not adopted the measures required to create a network environment that prevent and detect most intrusions.

FoxIT specializes in providing managed security solutions to retailers. We can monitor and manage your network and assets and maintain their security standards so that you don’t lose your ability process credit and debit transactions.

Speak to a FoxIT consultant today for a free IT health and security assessment check, valued $500 in standalone IT services.

 

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