Payment Card Industry Data Security Standard is something that every company must follow to accept online payments.
If you accept payments using a merchant facility then you will have to abide to the regulation that are set out by PCI DSS compliance council. If you are a major corporation then an Quality Security Assessor may be sent on site to access your procedures in person, for companies that are smaller you can complete an online assessment form which will check everything is being done correctly. PCI DSS was formed to combat the problem of fraud within the payment industry, especially online. The PCI DSS standard consists of six control objectives that are analysed. Every organisation must ensure that their payment infrastructure meets these standards. They must make sure they keep processing information secured safely online, the networks aren’t vulnerable to corruption or infiltration. Regular tests will be required to check there aren’t any vulnerabilities in the network.
As a whole there are 12 steps required to ensure everything is compliant. There are more measures that companies can take to ensure that they aren’t vulnerable from a breach of security as PCI DSS alone can’t 100% ensure your safe but by following these procedures it will increase your security massively.
The PCI DSS standard requires all parties involved in the card payment process from the merchant, the company processing the transactions. To monitor their database from any unwanted intrusion from online hackers and criminal sought. The key is to get the right mix of data security practices, measurable processes and tools that protect against fraud such 3d secure. PCI DSS standard isn’t a legally binding procedure but the penalty set by the schemes and the reality of not abiding by them in real terms has costly financial implications. As the emergence of credit and debit card payments increase it’s only a matter of time until this becomes a legal requirement. Due to the success of the PCI DSS standards any law to follow will only be a more rigorous process to what has already been established by the council and card schemes alike.