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What is PCI compliance?
A definition of PCI compliance
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. It was introduced on September 7, 2006, to manage PCI security standards and improve account security throughout the transaction process. The PCI Security Standards Council (PCI SSC), an independent body formed by Visa, MasterCard, American Express, Discover, and JCB, administers and manages the PCI DSS.
WHAT IS PCI COMPLIANCE?
Payment Card Industry (PCI) compliance is mandated by credit card companies to ensure the security of credit card transactions in the payment industry. PCI compliance refers to the technical and operational standards that companies follow to secure and protect credit card data provided by cardholders and transmitted through card processing transactions. PCI compliance regulations are developed and maintained by the PCI Security Standards Council.
AN OVERVIEW OF THE PCI SSC DATA SECURITY STANDARDS
THE 12 REQUIREMENTS OF PCI DSS
The requirements set by the PCI SSC are both operational and technical in nature and the primary focus of these rules is always on protecting cardholder data.
The 12 requirements of PCI DSS are:
Install and manage a firewall configuration to protect cardholder data
Do not use manufacturer-provided default settings for system passwords and other security parameters
Protect stored cardholder data
Encrypt the transmission of cardholder data over open, public networks
Use and update antivirus software or programs regularly
Develop and maintain secure systems and applications
Limit access to cardholder data to business needs
Assign a unique ID to each person with computer access
Limit physical access to cardholder data
Track and monitor all access to network resources and cardholder data
Test security systems and processes regularly
Maintain an information security policy for all employees
Compliance with PCI DSS is not easy – even for the best-intentioned companies. Although it is a difficult undertaking to comply with the standard, the benefits are worth it. Despite the difficulties, companies should strive to comply with PCI DSS, as non-compliance can have significant consequences. #CyberSecurity
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