PCI DSS

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?

If your company processes payments using credit cards, you’re required to maintain compliance with standards set out by the Payment Card Industry (PCI) Security Standards Council (SSC).

All companies that take or otherwise involve payments via credit card expose themselves and their stakeholders to various threats of cybercrime. Cardholder information is some of the most sensitive and valuable data a hacker can get his or her hands on. It enables direct theft of the cardholder’s assets, as well as various other potential fraud or extortion schemes.

Cloud computing has become attractive in recent times because of its superfast application deployment, flexible computing resources, and low operating costs.

It’s not only merchants that are affected by PCI DSS 4.0, but payment facilitators will also need to make changes to their cybersecurity protocols. Payments Facilitators (PayFacs) must follow the same procedures as companies to ensure that personally identifiable information (PII) is secure from breaches.