PCI DSS

Companies that process payments through cards and other electronic means open themselves up to cybercrime risks. Hackers target card information for direct theft and fraud and payment processors can also fall victim to cyberattacks. To mitigate these risks, the Security Standards Council (SSC) of the Payment Card Industry (PCI) has devised numerous controls across several security standards to keep companies and consumers safe. But this begs the question: how many PCI controls are there, and what are PCI controls in the first place?

Consumers’ financial data is a valuable target for cybercrime. As such, compliance with the Payment Card Industry (PCI) regulatory frameworks, like the PCI Data Security Standard (PCI DSS) and Payment Application Data Security Standard (PA DSS), is required for most companies that process credit card payments. But what happens for companies who don’t comply? And who enforces PCI compliance penalties? 

If your company processes credit and other card-based financial transactions, you need to abide by the Payment Card Industry (PCI)’s Data Security Standards (DSS), published by the Security Standards Council (SSC). Neglecting these frameworks can result in severe consequences for your business. 

The Security Standards Council (SSC) of the Payment Card Industry (PCI) has developed many frameworks to protect companies from cybercrime targeting consumers’ credit and debit cards. Among the most widespread of these frameworks is the PCI Data Security Standard, or PCI DSS, which protects nearly all consumer card data processed, stored, transmitted, or otherwise contacted by businesses. It brings us to the question: what data falls under PCI compliance, exactly, and which companies need to comply with PCI’s security standards?

Practically every business must fear—or at least be wary of—the threat of cyberattacks. This is especially true for businesses that process, transmit, or store payment data. It’s very likely that your business performs one of if not all three of those actions. If that’s the case, then you’re required to follow the Payment Card Industry Data Security Standard (PCI-DSS). Additionally, it’s strongly encouraged that you conduct biannual PCI network segmentation testing.

It’s surprising how many businesses ask this question. Sometimes the cost of meeting compliance regulation seems to outweigh the risks. There are fees associated with not meeting the payment card industry (PCI) compliance regulations, but are these fines comparable to the cost of implementing the required cybersecurity protocols?