PCI Compliance

What is PCI DSS Compliance?

The Payment Card Industry Data Security Standard (PCI DSS) is a group of requirements planned to guarantee that all companies that process, store, or transmit credit card information preserve a protected environment. It was established on September 7, 2006, to handle PCI security standards and enhance account security throughout the transaction procedure. An independent body formed by Visa, MasterCard, American Express, Discover, and JCB, the PCI Security Standards Council (PCI SSC) issues and manages the PCI DSS. Interestingly, the payment brands and acquirers are liable for enforcing compliance, rather than the PCI SSC.

Discover more about The Payment Card Industry ( PCI Compliance) Data Security Standard requirements and the independent body, PCI Security Standards Council, that supervises and enforces the PCI DSS. The Payment Card Industry Data Security Standard (PCI DSS) is mandated by the contract for those handling cardholder data, whether you are a start-up or a global enterprise. Your enterprise must always be compliant, and your compliance must be validated yearly. It is typically mandated by credit card companies and examined in credit card network agreements.

The PCI Standards Council (SSC) is liable for the development of the standards for PCI compliance. Its objective is to enable secure and protect the whole payment card ecosystem. These standards apply for merchants, and service providers processing credit/debit card payment transactions.

What is PCI DSS Stands For? | PCI Meaning

PCI compliance or PCI DSS compliance to give it its complete name, It stands for Payment Card Industry Data Security Standard. It’s a set of prototypes that you must comply with if you’re taking credit card payments to make certain you are accomplishing so safely and securely. This includes how you store, process and transmit cardholder details and it permits protect both you and your customers. No matter how large or small your business is, you need to satisfy the suitable standards if you want to accept cards. If you don’t, you’ll encounter fees every month and it could put you and your customers at risk of card payment scams and data breaches.

Is PCI Compliance Required by Law?

Merchant compliance is not confined or enforced by the government, by the PCI Security Standards Council or by payment networks. Rather, the steps a business must take to be PCI compliant are in the terms of the contract or agreement with its merchant service provider or payment service provider. While the wide intent of these requirements is the same from one provider to the next, details about execution can vary. Not following the appropriate procedures can direct to serious issues, including fees in the thousands of dollars.

Who has to comply with the PCI DSS?

All merchants and service providers that process, transmit or store cardholder data must relent with the PCI DSS.

  • Merchants are entities that take debit or credit card payments for goods or services. Note that the PCI DSS involves merchants even if they have subcontracted their payment card processing to a third party.
  • Service providers are enterprises directly involved in processing, storing or transmitting cardholder data on behalf of another commodity.

Some organisations can be both merchants and service providers. For example, an organisation that delivers data processing services for further merchants will also be a merchant if it takes card payments.

PCI DSS Certification

PCI DSS certification guarantees the security of card data at your business through a set of provisions established by the PCI SSC. These include a number of typically known best practices, such as:

  • Installation of firewalls
  • Encryption of data transmissions
  • Usage of anti-virus software

In extra, businesses must limit access to cardholder data and observe access to network resources.

PCI-compliant security delivers a valuable asset that notifies customers that your business is secure to transact with. Contrariwise, the cost of noncompliance, both in monetary and reputational terms, should be enough to persuade any business owner to take data security enormously.