PCI DSS stands for Payment Card Industry Data Security Standard. It is a part of the cyber security standard that is made to keep safe and secure the personal information about the debit and credit card details of the users. PCI DSS is a systematic and protective approach followed by all the credit and debit card processing companies. They follow the PCI DSS standard for each and every transaction of debit and credit cards of the users and keep the card number safe. PCI DSS is a standard administered by the Payment Card Industry Security Standards Council to establish business practices and cyber security controls. These practices must be implemented by companies or organizations that deal in card payments.
Companies can implement PCI DSS standards by meeting all the requirements and needs that were laid by this protective standard. Businesses or companies that do not meet the requirements of PCI DSS standards may get fined by the council.
Why PCI DSS standard is used for?
Credit and debit card numbers are very sensitive and are the most valuable digits. If the access of your debit and credit card number is leaked and someone gets access to it, they can make fraudulent transactions and withdraw money from your account. Card issuers and banks make refund their customers in many situations. That is why they have to make sure that credit and debit card details are secure as they are transmitted across the economic system. The PCI DSS Security Standards Council was created to ensure that transactions that involve debit and credit card numbers should be as secure as possible. The council laid some security standards that companies and businesses in different industries must implement.
Who should apply for the PCI DSS standard?
PCI DSS standard is one of the most wide-ranging standards that apply to any organization or company that stores and processes the debit or credit card of the users. It means that any organization that accepts transactions through debit or credit card must implement PCI DSS consultants and standards.
When did PCI DSS become mandatory?
PCI DSS certification compliance becomes mandatory on December 15, 2004, with the launch of version 1.0. Everyone should know that PCI DSS is not a law. It is a security standard. PCI DSS compliance is mandatory for the contracts that businesses sign with the brands of cards like master cards, Visa, etc., and with the banks that handle their process of payment.
What are the benefits of PCI DSS?
PCI DSS Certification has a wide range of benefits for both customers and businesses.
Following are some of the benefits of PCI DSS:
- PCI DSS certification ensures that your company or business is highly assured. It helps to gain the trust of consumers to share the debit and card details for transactions.
- After the PCI DSS certification, your organization becomes eligible to work with all the banks and payment brands like Master Card, VISA, and American Express.
- PCI DSS is a process that helps to secure your payment gateway.