Digital thieves and credit card hackers have been increasing over the last decade.
They are getting creative in developing new ways to obtain business and personal information online.
Often, their main goal is to steal funds or goods from victims’ accounts.
The result of this is the loss of billions of dollars as well as an increasing case of identity theft. Because of the alarming rate of credit card fraud coupled with its harmful effects on customers and businesses, PCI-DSS was created.
PCI-DSS definition
Payment Card Industry Data Security Standard (PCI DSS) is a document that sets the default guideline of compliance for any business that accesses, stores or transmits cardholder data and personally identifiable information.
It was created in 2006 by the Payment Card Industry Security Standards Council (PCI SSC) to help companies determine their possible risk to financial loss when dealing with credit card processing companies.
There are four levels of compliance. It depends on how the company handles credit card data and the number of transactions processed annually.
There is also a self-assessment questionnaire to help organizations find the levels that they fit into.
Adhering to the standard can help reduce the risk of security breaches. Merchants that do not comply may face fines, card replacement costs, audits, brand damage, and other penalties.
How does it work for businesses?
PCI-DSS provides a checklist of practices that must be added to the framework of any organization that handles cardholder data. This contains security methods to protect credit card information and should be enforced in all payment operations.
Compliance helps in ensuring that all processed transactions are not going to be stolen by hackers and scammers. It also ensures that a business can run smoothly with minimal problems to encounter.
Here are the other ways PCI-DSS compliance helps businesses in these digital times.
Presents a blueprint for success
It is easy for large corporations to provide measures in safeguarding their customer data. But what about small businesses? They might not have the ability to establish an IT department that would help them protect their digital transactions.
PCI-DSS gives any type of business a blueprint for success in keeping customer data from being hacked and stolen. Start-ups are prime targets for digital thieves as most of them are not established enough to make sure their online security measures are effectively working.
For them, PCI-DSS provides an easy structure to follow for a secure digital transaction. It ensures that all online and offline merchants who process debit or credit card payments and store information are safe and secure.
Standard created for all
Having PCI-DSS means that requirements are set and must be met to provide secure payment services. It levels the field and ensures that companies – big or small – are held to the same security protocols.
This is crucial in the business industry. It means that regardless of where you shop, your cardholder data and personal information will be treated with the same level of care.
PCI-DSS sets a security standard applicable for all. It assists organizations in creating security programs and offers ways to prevent, detect, and respond to data breaches.
Focuses in data
PCI-DSS focuses on only one thing – data. The PCI SSC does not only extend to point-of-sale systems or payment processing servers. They also work on ensuring that all parts of operations that could potentially hold information are covered.
Benchmarks such as this are important in removing judgment and coping with unexpected scenarios. In complying with PCI-DSS, the data is always protected and in scope wherever it may be stored.
Provides help when needed
PCI-DSS helps merchants whenever they need it. It allows big corporations and small start-ups access to a secure guideline to protect their businesses should a data breach occur.
In getting certification, companies spend less money as levels decrease. Merchants at the second level and lower are free to choose whether they need to call experts to assess them or provide their own.
It allows businesses the ability to spend less money getting certified, as this can sometimes be quite costly. Options like this increase the percentage of merchants who would be willing to apply for a PCI-DSS certification.
