02 May What is PCI DSS? (pt. 1)
What does PCI DSS mean?
The “Payment Card Industry Data Security Standard” is a recent change to credit card processing security standards.
How does the PCI DSS affect Credit Card Payment Processing?
The Payment Card Industry Security Standards Council developed the PCI DSS to increase data security in credit card payment processing. The PCI SSC was formed by top credit card and payment companies to establish industry-wide security standards. The new standards apply to every organization or business that transmits, processes, or stores credit card data.
The security standard has six objectives that include a total of 12 compliance requirements. The PCI SSC states that the control objectives are as follow:
Have a Secure Network
Protect Cardholder Data
Maintain a Vulnerability Management Program
Implement Strong Access Control Measures
Regularly Monitor and Test Networks
Maintain an Information Security Policy
If businesses don’t follow these requirements, it could result in fines. Keep in mind that this standard is a minimum requirement and businesses are urged to take security even farther to protect payment information from fraud.
In the next installment of this blog series, you will learn how PCI DSS affects your business and what your business should do to follow the requirements.