PCI DSS stands for the Payment Card Industry Data Security Standard. It is a set of information security protocols that are targeted at reducing fraudulent payment card transactions. The protocol set aims to do this by enhancing the security layers around cardholder's data. Doing so helps to protect customer information from unauthorized access.
PCI DSS has resulted from the collaboration between multiple payment providers such as Discover, American Express, MasterCard, and Visa. The standard is implemented by the Payment Card Industry Security Standards Council (PCI-SSC).
The PCI-SSC aims to enhance data security standards by providing for and implementing a range of provisions that aim to secure cardholder's data, at all times. The DSS provides the required framework that's needed for the development of a well-rounded payment card data security protocol.
What requiremnets are necessary?
The 12 Requirements
That Ensure PCI DSS Compliance
The Benefits Of Complying
With PCI DSS
PCI DSS compliance can seem to be a daunting endeavor at the outset. The sheer number of regulations and standards requiring compliance can seem to be too massive to handle.
However, once begun, compliance can actually be a much-needed aspect of the cardholder data security process.
With the right tools, PCI DSS compliance can have several benefits, some of which are listed below.
Enhanced System Security
PCI DSS compliance ensures that your customer care information is secure. This breeds trust in your business and leads to longtime customer relationships.
Better Market Reputation
PCI DSS compliance enhances your market reputation. This leads to better business relationships and improved partnerships.
Continued System Security
Compliance with the PCI DSS standards ensures that your digital systems remain secure, both in the present and in the future.
Makes Compliance With Other Standards Easier
PCI DSS compliance paves the way for compliance with other data security standards such as HIPAA etc.
Enhanced Infrastructural Efficiency
PCI DSS compliance leads to continuous improvement in your IT infrastructure. This enhances the efficiency and efficacy of the system.
What Non-compliance Can Invite
Lack of compliance with PCI DSS standards can actually invite disastrous outcomes. A business stakes a lot to acquire and hold customers. One single lapse can destroy it all. Compromised cardholder data can negatively impact customers, business partners, and all related stakeholders. Plus, even a single lapse can severely harm your market reputation.
Apart from a massive loss of business and credibility, a lack of compliance can invite a drop in share prices and a plummeting market valuation, not to mention lawsuits and fines.
The above clearly indicates that PCI DSS compliance is essential for the continued success of your business.
Who Needs To Be Compliant With PCI DSS?
Any and all businesses that deal with sensitive cardholder data must become PCI DSS compliant.
For example, merchants that accept credit and debit card payments, business service providers, and even third-party agencies that have access to card information need to be PCI DSS compliant.