At a glance
A set of security requirements known as the Payment Card Industry Data Security Standard (PCI DSS) was established in 2004 by American Express, Visa, MasterCard, Discover Financial Services, and JCB International. The compliance programme, which is overseen by the Payment Card Industry Security Standards Council (PCI SSC), strives to protect credit and debit card transactions from fraud and data theft.
Although the PCI SSC lacks the legal right to compel compliance, doing so is necessary for every company that handles credit or debit card transactions. Additionally, PCI certification is thought to be the greatest technique to protect sensitive data and information, aiding firms in creating enduring and trustworthy relationships with their clients.
Through a set of criteria specified by the PCI SSC, PCI certification guarantees the security of card data at your company. These consist of several well-known best practises, including:
- installation of firewalls
- Transmission of data is encrypted
- Anti-virus software usage
A useful asset that assures customers that doing business with your company is safe is PCI-compliant security. In contrast, the financial and reputational costs of noncompliance ought to be sufficient to persuade any business owner to prioritise data protection.
Sensitive consumer data exposed in a data breach is likely to have a negative impact on a business. A breach could lead to lawsuits, fines from credit card companies, decreased sales, and seriously tarnished reputations.