What is PCI Compliance?
PCI compliance refers to meeting the Payment Card Industry Data Security Standard (PCI DSS), a set of requirements designed to protect credit card data from theft and fraud. Any business that processes, stores, or transmits cardholder data must adhere to these security standards to ensure safe transactions.
Who is Responsible for PCI Compliance?
The PCI Security Standards Council (PCI SSC)—established by Visa, MasterCard, American Express, Discover, and JCB—creates and manages PCI DSS. However, enforcement is handled by payment brands and banks, meaning businesses must comply to avoid penalties or transaction restrictions.
Why Does PCI Compliance Matter for CPAs?
As a CPA, you may handle client payment data or advise businesses on financial security and compliance. Non-compliance with PCI DSS can lead to:
Fines & Penalties – Imposed by banks or payment brands.
Legal Liabilities – Increased risk of lawsuits due to data breaches.
Reputational Damage – Loss of client trust due to security vulnerabilities.
Ensuring compliance helps protect both your firm and your clients from financial and legal risks.
How Does Canopy Ensure PCI Compliance?
At Canopy, we take data security seriously. Every year, we undergo rigorous third-party auditing for SOC 2 compliance, ensuring we meet strict security and data protection standards.
While SOC 2 compliance safeguards your data within Canopy, payment security is equally critical. That's why we partner with Adyen, a trusted global payment processor, to handle transactions securely.
Adyen maintains compliance with PCI DSS (Payment Card Industry Data Security Standard), a globally recognized framework that protects cardholder data, reduces fraud, and helps prevent data breaches.
The 12 PCI DSS Compliance Requirements:
Use and Maintain Firewalls – Prevent unauthorized access to payment systems.
Secure Passwords – Change default passwords on devices and software.
Protect Cardholder Data – Encrypt stored payment data.
Encrypt Data in Transit – Securely send payment data across networks.
Install Anti-Virus Software – Protect systems from malware threats.
Update Software Regularly – Patch security vulnerabilities in all software.
Limit Data Access – Only authorized personnel should access payment data.
Use Unique User IDs – Assign individual login credentials for accountability.
Restrict Physical Access – Secure physical copies and digital storage of payment data.
Monitor & Log Access – Track all system activity related to cardholder data.
Perform Regular Security Tests – Conduct vulnerability scans and penetration testing.
Document Policies – Maintain records of security measures and compliance practices.