Get to Know the Fundamentals of Security and PCI Compliance

Are you wondering how you can enhance Magento 2 security and meet PCI compliance requirements? There is no doubt that “safety first” is one of the critical components in running an online store. This is because many security headaches, like phishing, spamming, and data exploitation, adversely affect both store owners and shoppers.

While Magento 2 is the world’s best and most popular e-commerce platform, it is also one of the prime targets for hackers and cybercriminals. As an online store owner using Magento 2, you know that e-commerce is an industry that heavily relies on Card-Not-Present (CNP)
transactions.

Did you know that such operations place the e-commerce industry at a higher risk and exposes your online store to hacker attacks and costly data breaches? Keep in mind that even if you migrated to Magento 2 from Magento 1, you still have several risks to be aware of so that you can mitigate them.

What is PCI Compliance for Magento 2?

You should know that Payment Card Industry (PCI) requirements and security protocols apply to businesses that accept online payments through credit cards. We can define the Payment Card Industry Data Security Standard (PCI DSS) as a set of security standards that Visa, Discover Financial Services, MasterCard, American Express, and JCB International formed in 2004.

Note that the compliance scheme is crucial as it aims to secure credit card and debit card transactions against various threats, such as fraud and data theft. And maintaining PCI compliance requires your organization or business to develop as well as maintain secure and reliable systems and applications.

PCI Compliance Requirements

Here are some of the PCI compliance requirements for e-commerce businesses.

• You must maintain a firewall to secure or protect your cardholders data
• Don’t use default system passwords
• Encrypt your data transmissions
• Use an up-to-date antivirus software program

As online payments are indispensable to e-commerce transactions, as a Magento 2 store owner, you have to process and protect sensitive data, such as customers’ credit card numbers, as they are the prime targets for cybercriminals.

The Importance of Security and PCI Compliance in the Modern e-Commerce Industry

It is no secret that online shopping is faster than purchasing products from a brick-and-mortar store. However, it can also put your customers’ privacy and security at a heightened risk. Most online customers know that an e-commerce website stores their data and sensitive payment information, such as credit card numbers, during online transactions.

It is worth noting that the e-commerce industry is a lucrative and appealing sphere for hackers and cybercriminals who are usually looking to steal sensitive information. Remember that incidents involving security or data breaches are likely to destroy your business reputation in no time.

Similarly, the significance of PCI compliance for e-commerce businesses is tremendous. Did you know that at least 27 percent of customers abandon online transactions without making a purchase because of the lack of fraud prevention measures and data security guarantees on a website?

Note that being a PCI compliant online merchant involves protecting your customers’ credit card information according to the latest industry standards.

Tips for Securing Your Magento 2 Website and Remaining PCI Compliant

Although Magento 2 is technically PCI compliant, as merchants start to make various changes to the source code, they take on more security responsibility.

Here are some tips and best practices that will help you keep your Magento 2 store as safe and secure as possible.

Install all Magento 2 Security Patches and Sign up for Security Alerts

It is vital to make sure that you stay updated with all information you receive from Magento. You should respond immediately to all security alerts, issued patches, and software updates.

After discovering any security vulnerability, it is best to have your in-house development team implement a fix as early as possible in order to keep your website safe.

Protect Cardholder Data

One of the easiest ways to ensure compliance with PCI Compliance requirements is to securely store and process payment details. Note that the use of reliable payment gateways will help lower the risk of data breaches.

Also, only a few employees in your organization should have access to cardholder data. You should make sure that you effectively set up access control, only granting it to employees who really need it.

Final Thoughts

You can use the above Magento 2 security tips to protect your business against financial and reputational damage and costly lawsuits. Being PCI compliant is essential and means your customers can shop with you securely, and you can steer clear of breaching data and privacy regulations.