That’s why the Payment Card Industry Data Security Standard (PCI DSS) exists—a crucial framework for protecting sensitive data. The PCI Security Standards Council (PCI SSC) is a global forum that brings together payments industry stakeholders to develop and drive adoption of data security standards and resources for safe payments worldwide. In addition to securing data itself, PCI DSS security requirements also apply to all system components included in or connected to the cardholder data environment (CDE).
Again, keep in mind that these aren’t “fines” in the same sense that, say, you’d pay for violating some government regulation or traffic law; they’re penalties built into a contract between merchants, payment processors, and card brands. PCI SSC suggests companies develop their own requirements and best practices outside those they recommend. Companies should implement risk-based approaches that prioritize security controls that address the most significant risks to cardholder data in a specific environment. No matter the size of your organization, if you store, process, or transmit credit card information, you’ll want to comply with the PCI DSS in order to avoid hefty fines, and most pci dss stand for importantly, keep your customer’s information secure. Let’s dive into the intricacies of PCI DSS, exploring its significance, requirements, the impact it has on businesses, and what to expect when achieving compliance.
Compliance versus validation of compliance
PCI DSS is a voluntary standard, and it is not enshrined in law by any agency or government. Nevertheless, it has been widely adopted, and there are significant potential penalties for merchants and service providers who fail to comply with its requirements. PCI compliance can be a complex and potentially time-consuming task for companies that lack expertise in data security.
With credit card fraud, identify fraud and stolen data on the rise, maintaining a safe environment for charge card transactions is of the utmost importance. Mishandling this information will lead to customers mistrusting merchants and financial institutions as a whole. Non-monetary penalties include forced audits and monitoring, imposed by the major card brands on non-compliant merchants and service providers. This negatively affects public relations and costs the enterprise significant time and resources.